Two Hilton hotels expected to sell for GBP 700m

Hilton London Metropole and Hilton Birmingham Metropole, two of the UK’s biggest conference and exhibition hotels, are poised to hit the market with an estimated asking price of up to GBP 700m, reports The Times. The properties are being sold through CBRE Hotels by the Tonstate group, which purchased the hotels in 2006 from Hilton for GBP 417m. CBRE declined to comment on the report, but a Hilton World wide spokesperson confirmed the two hotels are being marketed, telling ConferenceNews that “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.”