Hilton sells 11 hotels for £312m

06 March 2001
Hilton sells 11 hotels for £312m
Hilton Group has sold 11 of its UK hotels to the Royal Bank of Scotland for £312m in cash. It will still run the hotels under leases based on turnover. For nine of the hotels, the lease is for 20 years, with two options to extend for ten years at a time. For the remaining two hotels, the Hilton Hyde Park and the Glasgow Hilton, the initial term is for 30 years, with a 10-year option to extend. The average lease rentals are based on 25% of hotel turnover, with a guaranteed rent of £12.5m a year. The hotels are valued in Hilton's accounts at £278.1m. In the year to 31 December 2000 they contributed profits before interest and tax of £25.7m. The hotels sold were; the 334-bedroom Hilton Brighton Metropole; the 179-bedroom Hilton Leicester; the 146-bedroom Hilton Maidstone; the 170-bedroom Hilton St Anne's Manor, Bracknell; the 181-bedroom Hilton Warwick; the 223-bedroom Hilton Manchester Airport; the 319-bedroom Hilton Glasgow; the 215-bedroom Hilton Bracknell; the 96-bedroom Hilton Grosvenor Glasgow; the 139-bedroom Hilton Avisford Park, Arundel; the 129-bedroom Hilton Hyde Park, London. Yesterday, Hilton sold the 114-bedroom Hilton Huddersfield outright to Wakefield-based Cedar Court Hotels as a going concern. It will be renamed the Cedar Court Hotel, Ainley Top, Huddersfield. The price had not been disclosed at the time of writing. Web link:Hilton
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