Four Hilton hotels have been sold by the Royal Bank of Scotland (RBS) to a subsidiary of the private property company, Marcus Cooper Group, for nearly £100m.
The all-equity purchase has been made by MCPG (Hotels) Holdings. The hotels - which comprise the Hilton Brighton Metropole, Hilton Manchester Airport, Hilton Warwick and Hilton, St Anne's Manor, Berkshire - will be let for a further 11 years to Hilton, with an option to extend. Together they represent a portfolio of 921 bedrooms.
Marcus Cooper Grouper was founded in 1991 by Marcus Cooper as a property investment, development and trading group in the residential sector. It has since moved into hotels, leisure and commercial markets.
The hotels are part of 11 Hilton properties originally acquired by RBS in 2001 for £312 million. Over the past 18 month the beleagured bank has been attempting to sell its non-core business in an attempt to return to profitability after losing £3.6b in 2009 and £24.3b in 2008. Only Hilton Glasgow and Hilton Glasgow Grosvenor remain in RBS' portfolio.
By Janet Harmer
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