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Report: London & Regional close to buying 2 UK hotels for up to £600M

London & Regional Properties Ltd. is expected to buy two of the U.K.'s largest hotels for between £550 million and £600 million, Property Week reported.

The assets include the 1,059-room Hilton London Metropole in Paddington, London, and the 790-room Hilton Birmingham Metropole in Birmingham.

The hotels were placed on the market with an asking price of up to £700 million in January 2016. They are being sold by Tonstate Group, which bought them for £417 million in 2006, according to the report.

The eventual purchase price reflects a yield of around 4.5%, deemed "strong" in the present climate, an unnamed source told PW.

The properties are believed to have drawn interest from Asian and Middle Eastern investors, as well as high-net-worth individuals and domestic buyers.