• Tchenguiz eye exit for Hilton portfolio

The Tchenguiz brothers, Vincent and Robert, are rumoured to be eyeing an exit for their portfolio of 10 Hiltons bought in August 2002 for £335.7m.

The mooted price in excess of £500m demonstrates just how hot the hotel property market is becoming.

The original deal for the 2,043 rooms saw the then recent innovation ? at least for the UK – of turnover leases. The Tchenguiz's company Rotch teamed-up with the Farnsworth Group and Bank of Scotland to make the purchase. Hilton was left with a 40% holding in the special purpose vehicle formed to own the properties.

The prize asset is the 603-room Hilton Kensington with other sites ranging from Croydon to Leeds.

Share →