NEW YORK The Hilton Group is reported to be at an advanced stage in talks to raise up to #500 million from the sale of some of its UK hotel assets, while retaining the management contracts. Potential bidders for the hotels include property investment groups and pension funds such as Norwich Union, London & Regional, Strategic Hotel Capital, Nomura and Marylebone Warwick Balfour.
The Hilton Group is keen to snap up individual Forte Hotels that may be disposed of separately following the auction. Hilton has plans to expand its portfolio by 20% over the next three years. An announcement concerning disposal of the hotel assets is expected next month when Hilton reports its 2000 results. (1/19/01)
SOURCE:HVS International