Property firm L+R is believed to be on the brink of acquiring the Hilton Metropoles in London and Birmingham for £550-600m, in what would be one of the largest UK hotel deals in the past 12 months.
The 1,059-room Hilton London Metropole in Paddington and the 790-room Hilton Birmingham Metropole (pictured), two of the UK's largest hotels, were put on the market last January for around £700m by the family-owned Tonstate Group.
Tonstate acquired the hotels from Hilton in 2006 for £417m. The long-term management contract with Hilton Worldwide to operate the hotels is expected to continue following any sale.
Property Week has reported that L+R will pay £550-600m for the two hotels.
London and Regional's hotel portfolio includes the London Hilton on Park Lane, Cliveden House in Berkshire and Chewton Glen in Hampshire; while Tonstate owns the Hilton Cardiff and the Travelodge and Ramada hotels at Glasgow Airport.
CBRE Hotels had been appointed to market the hotels.
Tonstate Group and London and Regional Properties were unavailable to comment, and CBRE Hotels declined to comment.
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