Hilton has sold 15 UK hotels for £382.4m in cash. The hotels, which have a net book value of £341.4m, have been bought by the Managed Hotels Unit Trust, with funding arranged by Royal Bank of Scotland, Hilton said.
Hilton said it expected to raise more than £400m from selling more hotels, including the Hilton London Metropole and Hilton Birmingham Metropole.
The company, which said it was in advanced talks to sell the Hilton hotel at Edinburgh Airport in Scotland to the same trust, said sale proceeds would initially be used to pay down debt. As part of the deal, the 15 hotels will continue to be branded as Hilton under long-term management agreements with an initial term of 30 years.