Hospitality sweethearts 14 February 2020 The couples who make working together and living together a love story
In this week's issue...Hospitality sweethearts The couples who make working together and living together a love story
Read More
Search
The Caterer

London and Birmingham Hilton owners add to portfolio

16 July 2007 by
London and Birmingham Hilton owners add to portfolio

The owners of the Hilton hotels in London and Birmingham have invested £35.3m adding the hotel group's Cardiff property to their portfolio.

Property companies Tonstate Group, Property and Building Corp and Destiny, which bought the London and Birmingham Hilton Metropoles for £417m in late 2006, have joined forces again to take on the property in the Welsh capital.

The hotel, which is expected to have an operating profit of £3.5m in 2007, has 200 rooms and is managed by the Hilton hotel chain on a 20-year contract.

Under the terms of the deal, Tonstate will take on 60% of Hilton Cardiff, with the other two Israeli-based firms sharing 20% each.

The group will finance the purchase through a loan for £29m, and £6.3m in shareholders equity.

The move comes a week after Hilton Hotels Corporation was taken over by private equity firm Blackstone in a deal worth nearly £10b.

£10b Hilton deal will not be the last >>

By Daniel Thomas

E-mail your comments to Daniel Thomas](mailto:daniel.thomas@rbi.co.uk?subject=London and Birmingham Hilton owners add to portfolio) here.

[The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!