Waldorf Hilton and Hyatt Regency Birmingham up for sale
The Waldorf Hilton London (pictured) and the Hyatt Regency Birmingham have been put up for sale after the holding company of the two properties went into administration.
The Waldorf Hilton London was owned by Gulshan Bhatia, while the Hyatt Regency Birmingham was owned by her son, Asif, through holding companies which have defaulted on their loans.
Choicezone, the company which owned the 299-bedroom Waldorf Hilton, was placed into administration with KPMG, having owed more than £100m to three banks - Barclays, Allied Irish and Credit Agricole. Meanwhile, the 319-bedroom Hyatt Regency Birmingham, which owed about £30m to Barclays, is now being administered by Ernst & Young.
Both hotels are continuing to operate as normal and will be sold as going concerns with their respective management contracts with Hilton and Hyatt intact.
Gulshan Bhatia arrived in the UK from Tanzania in 1976 and began putting together a portfolio of hotels with a purchase of a bed and breakfast business in Paddington, London.
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By Janet Harmer
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