In February, 2005, Hilton Group announced it was examining the possibility of further asset disposals totalling £300 - £400 million and it was the Group’s intention to return a substantial part of these proceeds to shareholders.
Since then, Hilton has exchanged contracts for the sale of 11 hotels for £111 million, seven of which have now completed.
Hilton has today announced that 18 UK and Ireland hotels are to be offered for sale, including the Hilton London Gatwick and Hilton London Olympia.
The number of hotels being sold is greater than initially expected reflecting strong indications of interest from potential buyers. The preference is to sell the hotels with a long-term management contract, although offers for vacant possession will also be considered.