Vincent Tchenguiz appoints agents to sell off £600m Hilton portfolio
Property developer Vincent Tchenguiz has instructed agents to sell off a portfolio of 10 Hilton hotels worth a combined total of £600m.
The portfolio represents 2,400 rooms and Savills and JLL have been appointed to sell the hotels, according to Bloomberg. The agents will attempt to sell the hotels individually first.
The largest property in the portfolio is the 603-room Kensington Hilton, which is expected to fetch around £300m.
Hilton hotels in Cobham, Croydon, East Midlands airport, Leeds, Northampton, Nottingham, Tewkesbury and Watford are also included in the package of hotels for sale.
Tchenguiz bought the hotels in 2002 for £335.7m and leased them back to Hilton, which initially retained a 40% stake. In 2006, Hilton sold Tchenguiz the rest of the interest and he now owns the hotels outright.
Under the terms of the deal with Tchenguiz, Hilton has the right to operate the hotels until 2029.
Last year in May the Times reported that Tchenguiz was planning to sell the hotels as part of a wider refinancing of his interests after the collapse of a Serious Fraud Office investigation into both him and his brother Robert.
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