The deal is with a joint venture company comprising private property group Rotch and Bank of Scotland. Hilton retains a 40% interest in the partnership in return for an equity investment of £25 million.

The price equates to £164,000 per room.

The deal was originally leaked last January and at the time the company indicated that, with an estate of £2.5 billion, more sale and leasebacks could be expected.

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