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Henderson Park to pay more than £500M for 2 UK hotels

Henderson Park is to buy two Metropole hotels from Tonstate Group for more than £500 million, a deal poised to be one of the U.K. hotel market's largest deals in 2017, Property Week reported Aug. 4.

The deal for the 1,059-room Hilton London Metropole and the 790-room Hilton Birmingham Metropole will carry a yield of approximately 5% for the London hotel and around 8.5% for the Birmingham property.

CBRE Hotels is acting as Tonstate's adviser on the sale. Tonstate paid £417 million to acquire the two hotels from Hilton in 2006.

Earlier in 2017, London & Regional was expected to purchase the hotels, but the transaction failed to materialize.