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London Hilton in $240M Sale

LONDON-Land Securities has sold the landmark London Hilton hotel on Park Lane to a new joint venture company with London & Regional Properties, raising Pounds 157 million ($240 million).

By Graham Parker | Updated on August 12, 2002

LONDON-Land Securities has raised £157 million ($240 million) from the sale of the London Hilton hotel into a joint venture with London and Regional Properties. The London Hilton is one of London’s top hotels. It is a 5-star 446-bedroom conference hotel with full facilities in a prominent 29-storey tower in a prime location on Park Lane in Mayfair.

Unusually for a building in Mayfair, the London Hilton is freehold. It is let to Hilton International Hotels until December 2033 at a current rent of about £8.1 million ($12.4 million) per annum reviewable annually in line with retail prices index and with open market reviews at December 2007 and then every eight years.

London and Regional holds a controlling interest in the new joint venture and will manage the property. Insignia Hotels advised London & Regional.

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