RBS frontrunners in £400m Hilton buyout deal

Hotel News - 13/10/2005

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The Royal Bank of Scotland is the current favourite to acquire a number of Hilton hotels as part of a £400 million buyout deal.

It is thought that the bank has managed to beat off competition from three other companies including Host Marriott and Citigroup, to secure the purchase of 18 hotels.

The hotels, which are being sold through CB Richard Ellis Hotels, include the Hilton at Edinburgh Airport, the Hilton Aberdeen Treetops, the Hilton Coventry, the Hilton Southampton and the Hilton Belfast as well as possibly the Hilton London Olympia.

Hilton, who manage around 400 hotels, are keen to sell-off their assets, in order to return money to shareholders and make way for a possible merger with Hilton Hotels Corporation, which owns the Hilton brand in the US.

It is expected that the £400 million deal will see Hilton continue to manage the hotels under a so-called sale-and-manage-back agreement.

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