6th Dec 2005 07:02
Hilton Group PLC06 December 2005 Hilton Announces Four Further Property Transactions in Edinburgh, London and Sydney On 2 December, Hilton completed the sale of the Hilton Edinburgh Airport hotelto The Managed House Unit Trust for the cash sum of £14.8m. This follows therecent sale of 15 UK hotels to the same group on 22 November for a purchaseprice of £382.4m. As a key part of the transaction, these hotels will continueto be branded Hilton under long-term management agreements. Hilton has also exchanged contracts for the sale of the Hilton London Mews Hotelto Capedell Ltd (acting as nominee of Premio Group Holdings); this transactionis expected to complete in early January. The gross asset value of this hotel is£9.0m. In addition, Hilton has signed heads of agreement to sell the Wembley Plazahotel for a cash sum of £10m to property developer Quintain. Hilton willcontinue to manage the hotel on behalf of the owner. In a separate announcement,Quintain have confirmed plans to build a new hotel at Wembley Stadium, whichwill open in 2010 and will be managed by Hilton. In Australia, the company has received cash proceeds of AUD 120m (£54m),following the sale of the recently completed office tower and car park site atthe Sydney Hilton to The Industry Superannuation Property Trust. Brian Wallace, Deputy Group Chief Executive and Group Finance Director,commented on the recent transactions: "Hilton Group has completed a number of UK and international propertytransactions during 2005, which have delivered over £535m of sale proceeds. There continues to be a high level of market interest in good quality hotelassets, and consistent with our previous announcements, we intend to placefurther hotels on the market with a value in excess of £400m. Continuation of our disposal strategy makes eminent sense, irrespective of theoutcome of ongoing discussions with Hilton Hotels Corporation." *** For further information please contact: Alex PagettGroup Corporate Affairs Director (mobile +44 (0)7974 229888) Julian ArlettHead of Investor Relations (mobile +44 (0)7974 229462) Linda BainVP Corporate Communications (mobile +44 (0)7974 229247) Telephone: +44 (0)20 7856 8109 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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