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Hilton Sells UK Hotels for $782M

LONDON-Hilton Hotels sells two of its largest UK hotels to a family-owned Polish property group. Nearly 2,000 keys move.

By Anita Howarth | Updated on October 19, 2006

(To read more on the debt and equity markets, click here.)

LONDON-Hilton Hotels Corp. has exchanged contracts to sell two of its largest UK hotels–the 1,054-room Hilton London Metropole and the 794-room Hilton Birmingham Metropole. The new owner is Edward Wojakovski’s family-owned Tonstate property group, and the price was euro 621 million ($782.28 million).

Under the terms of the sale/manage-back transaction, which is expected to close before year-end, Hilton will retain long-term management contracts on both hotels. As part of the deal, Tonstate has agreed to provide the necessary investment to continue renovation programs at each of the properties, both of which have extensive conference and banqueting facilities.

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