Hilton Sells Four More
UNITED KINGDOM, December 6, 2005. Hilton completed the sale of the Hilton Edinburgh Airport hotel to The Managed House Unit Trust for the cash sum of lb14.8m. This follows the recent sale of 15 UK hotels to the same group on 22 November for a purchase price of lb382.4m.
As a key part of the transaction, these hotels will continue to be branded Hilton under long-term management agreements. Hilton has also exchanged contracts for the sale of the Hilton London Mews Hotel to Capedell Ltd (acting as nominee of Premio Group Holdings); this transaction is expected to complete in early January. The gross asset value of this hotel is lb9.0m.
In addition, Hilton has signed heads of agreement to sell the Wembley Plaza hotel for a cash sum of lb10m to property developer Quintain. Hilton will continue to manage the hotel on behalf of the owner. In a separate announcement, Quintain have confirmed plans to build a new hotel at Wembley Stadium, which will open in 2010 and will be managed by Hilton.
In Australia, the company has received cash proceeds of AUD 120m (lb54m), following the sale of the recently completed office tower and car park site at the Sydney Hilton to The Industry Superannuation Property Trust.
Brian Wallace, Deputy Group Chief Executive and Group Finance Director, commented on the recent transactions, "Hilton Group has completed a number of UK and international property transactions during 2005, which have delivered over lb535m of sale proceeds. There continues to be a high level of market interest in good quality hotel assets, and consistent with our previous announcements, we intend to place further hotels on the market with a value in excess of lb400m. Continuation of our disposal strategy makes eminent sense, irrespective of the outcome of ongoing discussions with Hilton Hotels Corporation."
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