Blackpool’s Hilton hotel in £135m portfolio purchase by Starwood

blackpool hiltonTHE Hilton Hotel on North Promenade in Blackpool is among of a portfolio of seven properties acquired by Starwood Capital Group in a £135m deal.

It is one of the resort’s most prominent hotels with 278 bedrooms, 11 conference rooms, swimming pool, sauna and restaurants.

Starwood announced that one of its funds has acquired the seven Hilton hotels in the UK, totalling more than 1,300 rooms, from previous owners Park Hotels and Resorts.

The group said it plans to refurbish a number of the hotels, which will be , in order to “transform operating performance and enhance asset values”.

They will all be managed by Kew Green Hotels which operates more than 50 properties in the UK, mostly under franchise agreements with brands including Holiday Inn, Crowne Plaza, Courtyard by Marriott, ibis Styles and Hampton by Hilton.

It is the second acquisition in 12 months where Starwood and Kew Green have teamed up, following the successful acquisition of the 298-key Holiday Inn Manchester in April 2017.

Jon Asumendi, Vice President at Starwood Capital Group said: “We are delighted to be partnering with Kew Green on yet another exciting transaction involving prime UK city centre assets.

“We are acquiring this well-located portfolio at a substantial discount to replacement cost and with significant upside potential still to be realised.

“We look forward to investing in these properties alongside Kew Green and leveraging Starwood Capital Group’s hospitality exper! tise to m aximise portfolio performance and investment returns.”

Jamie Lamb, executive chairman, Kew Green Group said: “Adding seven high quality Hilton branded assets to our Management Platform is an exciting step forwards for the Kew Green Group.

“We are also very pleased to be partnering with Starwood Capital Group for a second time to unlock opportunities in the portfolio, where we can create value together.”

The other hotels in the deal are Hilton London Angel Islington (188 bedrooms), Hilton Milton Keynes (138 bedrooms), Hilton Bath City (173 bedrooms), Hilton Belfast (19 8 bedrooms), Hilton Coylumbridge, Aviemore (175 bedrooms), Hilton Edinburgh Grosvenor (184 bedrooms).

Source: Blackpool’s Hilton hotel sold as part of £135m deal.

Magazine3.com @copy NewspaperTimes - All rights reserved