The 361-bedroom Hilton London Wembley has been sold to the Middle Eastern Al Habtoor Group, off a guide price of £95m.
Opened in 2012, the hotel was put on the market in November 2015 by USA private equity firm Oaktree Capital Management, having taken full ownership of the property only six months earlier when it bought out joint venture partner Quintain Estates & Development, for £40m. Oaktree originally bought a 50% stake in the hotel for £30m, in 2013.
Al Habtoor Group is a construction company, based in the United Arab Emirates, with interests in the hotel, automotive, real estate, education and publishing industries. Its' hotel assets include three other Hilton Worldwide properties in Beirut, Lebanon (two); and Springfield, Illinois, USA, alongside six other hotels such as the Waldorf Astoria Dubai Palm Jumeirah and the St Regis Dubai.
The acquisition of the Hilton London Wembley marks Al Habtoor's first hotel in the UK and indicates a move to boost its international hospitality portfolio, which now numbers six hotels.
Khalaf Ahmad Al Habtoor, chairman of Al Habtoor Group, described the hotel as being in "an ideal location" close to Wembley Stadium. "I have been looking at the London market for some time," he added.
In December 2015 Al Habtoor said he had allocated nearly £400m to boost overseas investments in 2016.
The Hilton London Wembley includes the 280-seat Association restaurant, the Icons Bar and the 150-cover Sky Bar 9. Its meeting and banqueting space includes the grand ballroom for up to 900 guests.
Latest video from The Caterer