Topland to sell Thistle hotels
03 August 2006
Property investment group Topland is seeking to sell the six hotels it acquired from Thistle Hotels only a year ago, Caterer has learnt.
Topland bought the hotels - five in London, at Euston, the Barbican, Piccadilly, Hyde Park and Bloomsbury, and one in Edinburgh - in May 2005 for £185m under a sale-and-leaseback deal. They now have an estimated value of £240m.
The portfolio had been the first hotel acquisition for Topland's owners, brothers Sol and Eddie Zakay. A Topland spokeswoman said that the company plans to use the cash to fund expansion in Europe.
Property agent Colliers CRE is handling the sale.
