American private equity company Blackstone is set to sell its 460-bedroom DoubleTree by Hilton London-Westminster hotel for around £190m to US-based Westmont Hospitality Group.
The sale will leave only one hotel remaining in Blackstone's once eight-strong Mint portfolio. Blackstone acquired the hotels from Lloyds Banking Group in 2011 for around £600m and is reducing its investment in the hotel sector having sold four former Mint hotels to Marathon Asset Management last year for around £160m.
Mint Hotels, founded by David Orr and his father Sandy and Donald MacDonald in 1995, was forced into selling the business after building up debt of £417m, largely stemming from the development of the Mint hotel in the City (now the DoubleTree by Hilton London-Tower of London) and a 553-bedroom hotel in Amsterdam. Following their sale to Blackstone, each Mint hotel was rebadged under Hilton Worldwide brands.
Westmont Hospitality Group was founded by Majid Mangalji in 1975 and today is believed to be one of the largest privately owned companies in the sector with more than 500 hotels, operating both independently and under a diverse portfolio of brands from InterContinental Hotels Group, Hilton Worldwide, Accor, Starwood, Wyndham and Best Western.