Sale of 50% interest in Hilton Wembley Hotel

RNS Number : 0164O

Quintain Estates & Development PLC

22 May 2015

 

22 May 2015

Quintain Estates & Development PLC

("Quintain" / "Company" / "Group")

Quintain announces sale of 50% interest in Hilton London Wembley hotel

Quintain has accepted an offer for its 50% interest in the 361 bedroom, four star Hilton hotel at Wembley Park from its joint venture partner, Oaktree Capital Management L.P. ("Oaktree"), for a gross consideration £40.0m in cash.

The sale price equates to a £6.0m premium to the March 2015 book value and the proceeds will enable the Company to accelerate the construction of homes at Wembley Park, where 475 apartments are on site at Emerald Gardens and Quintain secured detailed planning consent in February for a 362-home development on the adjacent plot ("Alto"). Quintain holds outline planning consent for approximately 4,000 more homes at this location.

The Hilton London Wembley was developed by Quintain and is located within the entertainment quarter of its 85-acre development, next to Wembley Stadium, The SSE Arena (formerly Wembley Arena) and London's only outlet shopping centre. Since the hotel opened in July 2012, it has successfully grown occupancy rates, supported by a strong conferencing and events programme, to become one of Hilton's leading London hotels.

Max James, Chief Executive of Quintain, said:

"This transaction enables us to crystallize value from our investment in the Hilton which has contributed significantly to the placemaking at Wembley Park. We will recycle the profits into accelerating the construction of new homes at Wembley Park, where we continue to achieve good prices on the apartments at Emerald Gardens and our latest development, Alto."

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Enquiries:

Quintain Harriet Pask/Cressida Curtis Tel: [phone] [e-mail]

RLM Finsbury Jenny Davey/Charlotte Whitley Tel: [phone] [e-mail]

 

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