Two of Britain’s biggest conference and exhibition hotels have been put up for sale by owners Tonstate group, it has been reported.
The 790-room Hilton Birmingham Metropole and its sister hotel, the Hilton London Metropole, are to be put on the block, with property analysts estimating the properties could fetch up to £700m (US$991m) combined.
The properties are being sold through CBRE Hotels, which told CN it was unable to comment on the story reported in The Times newspaper, 18 January.
The London Hilton Metropole near Paddington is the largest Hilton-operated hotel in Europe and the Birmingham Metropole has long been a key part of the NEC complex.
A Hilton Worldwide spokesperson told CN: “We can confirm that both Hilton Metropole hotels in London and Birmingham are being marketed for sale. Hilton remains committed to the long term management agreements of the properties and they will be sold as encumbered assets. It is not uncommon for hotels to change ownership and in the meantime it is very much business as usual.”
Tonstate acquired the two hotels from Hilton in 2006 for £417m.
The scale of the likely sale probably means that the biggest interest could well come from overseas and sovereign wealth funds from Asia and the Middle East.