Westmont Hospitality Group is close to signing a deal to buy the DoubleTree by Hilton Hotel in Westminster, SW1, for £190m – a circa 5% yield.
The sale of the 464-bedroom hotel marks the latest in a string of disposals by Blackstone from the Mint hotels portfolio, which it bought from Lloyds Banking Group in 2011. It subsequently rebranded all the hotels to the Hilton brand.
It has now sold all but one of the nine hotels in the portfolio, which it originally bought for £600m. The only remaining asset is the DoubleTree in Amsterdam, which is up for sale through Eastdil and CBRE for €340m (£293m).
When this sale has exchanged Blackstone will have recouped more than £805m from Mint hotel disposals. Key deals include the sale of the DoubleTree by Hilton Tower Hill to the Bhatia family for £300m in 2016 and a portfolio of four regional hotels in Glasgow, Leeds, Birmingham and Manchester which sold to Marathon Asset Management for £160m in 2015.
Westmont Hospitality Group, which is based in Ontario, also owns the Lowry Hotel in Manchester which is also currently up for sale through CBRE for £60m.
It has a global portfolio of 500 hotels and works with brands including Fairmont, InterContinental, Starwood and Wyndham.
Eastdil is advising Blackstone.
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