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Hilton Hotels sells Metropole sites for more than £400m

19 October 2006

Hilton Hotels

Contracts have been exchanged with Dr Edward Wojakovski's family owned Tonstate for the 1,054-room Hilton London Metropole and the 794-room Hilton Birmingham Metropole.

The above book value cash deal is expected to complete before the end of this year.

Hilton will retain long-term management contracts on both hotels and Tonstate will continue to fund the renovation programmes currently being undertaken at both properties.

Robert M La Forgia, executive vice-president and chief financial officer of Hilton Hotels Corporation, said: "With the expected completion of the sale of the two Metropole properties, our very successful asset sale programme will have delivered more than $2b (£1.06b) in proceeds since early 2005."

Hilton plans to put further properties on the market and is also "evaluating alternatives" for its northern European Scandic brand, he added.

Hilton, which was advised by Christie & Co and SJ Berwin, will use the proceeds from the sale of these hotels to pay down debt.

Tonstate was advised by CBRE Hotels and DLA Piper.

Metropoles put up for sale >>

Hilton puts 15 hotels on the market >>

Hilton considers Scandic's future >>

Hilton sold to US cousin >>

CatererSearch100 profile: Ian Carter, chief executive, Hilton International >>

Hilton corporate website >>

By Emily Manson

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