Topland buys £40-mln. Brighton hotel from RBS (UK)
Tuesday 15 March 2011
Topland Group, one of the largest privately owned international investment groups is pleased to announce the purchase of the prestigious Hilton Brighton Metropole for £39.25 million (approx. €45 million) in cash. The hotel is situated on Brighton seafront and provides a total of 340 bedrooms and conference facilities for over 5,000 attendees.
The operating lease to Hilton, a 20-year lease from 2001, produces a turnover based rent which has consistently exceeded the base rent.
The vendor Royal Bank of Scotland selected Topland and within four days contracts were exchanged and completion occurred three days thereafter.
Clive Bush, Managing Director Operations, commented: “The property offers a medium term secure income stream but with longer term development potential and is typical of the type of investments which we are seeking.”
Tom Betts, Director of Structured Finance commented: “This acquisition highlights Topland’s appetite for attractive yield and asset management opportunities. The group has the equity to continue to ‘purchase for cash’ and we are confident of further real estate acquisitions in the coming months.”
Topland was advised by Osborne Clark while RBS was advised by BLP.