Henderson Park, the European real estate investment platform, has exchanged contracts on the acquisition of a portfolio of 12 predominantly freehold Hilton branded hotels across the UK and Ireland, strategically located in key cities including London, Edinburgh, Glasgow and Dublin. The transaction is expected to close later this year.
The 2,424 key portfolio is a collection of well-positioned, full-service Hilton branded hotels with a wide range of amenities, including business centres, state-of-the-art meeting facilities, and full-service leisure clubs with indoor swimming pools and spas.
The hotels are in excellent condition with opportunities for additional value creation across the portfolio through extensions, room renovations, redevelopment of ground floor space to attract external footfall, and alternative use exploration.
All 12 hotels are franchised by Hilton, and encompass three of the company’s most recognised brands: Hilton Hotels & Resorts; Hilton Garden Inn; and DoubleTree by Hilton. Henderson Park is in advanced discussions with the existing manager, Amaris Hospitality, for the ongoing management of the hotels.
The hotels are strategically situated across the UK: the majority are located in large or capital cities including London, Edinburgh, Glasgow and Dublin, with the others in important nearby cities such as Bristol, Coventry, Dartford, Newbury and Southampton. All the hotels benefit from strong transport links and connectivity into key industrial, business and tourist districts, and are seen as well positioned to capture the recovery in hospitality, which is anticipated to be driven initially by domestic business and leisure demand.
Henderson Park brings significant hospitality asset management expertise to this latest acquisition, the senior team having successfully repositioned numerous other hotels in projects around the world, both recently and in the wake of the financial crisis. Funds managed by the firm control other assets operated by Hilton, including two of the largest hotels in the UK in London and Birmingham.
Finance for the transaction was provided by Apollo.
Pic : Hilton in Edinburgh and Dublin
Source : Henderson Park