Henderson Park to snap up Metropole hotels for £500m
8th August 2017
Henderson Park is understood to be under offer to buy the Hilton
London Metropole and Hilton Birmingham Metropole hotels from Tonstate for a
price in excess of £500m, in one of the largest deals in the UK hotel market
this year.The 1,059-room London hotel and the 790-room Birmingham property
are being sold by the family-owned Tonstate Group, which is headed up by property
mogul Edward Wojakovski. Tonstate acquired the two four-star hotels from Hilton
in 2006 for £417m.
Property Week understands that the yield on the London property is
around 5%, and that of the Birmingham hotel is around 8.5%.
The Paddington asset, located on Edgware Road, is the largest
Hilton-operated hotel in Europe. Meanwhile, the Birmingham hotel is in a prime
location adjacent to the city’s National Exhibition Centre.
London & Regional was on the pole to acquire the properties
earlier this year, but the deal did not go through.
CBRE Hotels is advising Tonstate on the sale. All parties declined