HPL Properties (West) Pte Ltd., a Hotel Properties Ltd. unit, and Olympia Partners Pte. Ltd. formed a joint venture for the acquisition of the freehold Hilton London Olympia hotel in the U.K. capital, for £114.9 million.
The 405-room hotel is at 380 Kensington High St., near the Olympia Exhibition Centre at the western end of Kensington High Street.
HPL Olympia Pte Ltd., the joint venture company, incorporated a subsidiary in the U.K., HPL (Olympia) Ltd., and together signed a sale and purchase agreement with Maple Midco S.A R.L. and Maple Hotels 1 Ltd. to acquire the entire issued share capital of Maple Olympia Propco 4 S.à r.l. which owns the property. The agreement also covers the purchase of the trade and certain assets and liabilities of the property.
The deal will be bankrolled using funds from third party loan financing and internal resources and is expected to have no material effect on HPL Group's consolidated net tangible assets per share and consolidated earnings per share based on the audited consolidated accounts for the year ended Dec. 31, 2016, according to a release.