Home / Travel / 9 UK Hiltons to Be Sold to Family of Israeli Tycoon – Skift

9 UK Hiltons to Be Sold to Family of Israeli Tycoon – Skift

The family of Israeli property tycoon Amir Dayan is among buyers of a portfolio of U.K. hotels leased to Hilton Worldwide, according to people with knowledge of the deal.

The group of nine hotels, which entered a form of bankruptcy protection under U.K. insolvency laws starting in early 2018, was acquired by companies controlled by Vivion Investments Sarl for 246 million pounds ($315 million), according to a filing by the administrators appointed to oversee the properties. Dayan’s family is among the investors in Vivion, the people said, asking not to be identified because the information is private.

A representative for the Dayan family didn’t immediately respond to requests for comment.

The sale marks the start of a new saga for the Zinc Hotels portfolio that was once owned by Iranian-British businessman Vincent Tchenguiz. His Consensus Business Group tried to sell the nine hotels scattered across England — together with a more valuable property in London — for about 600 million pounds, people familiar with the matter said in July 2017. A deal couldn’t be reached and creditors instead put the businesses into administration, or a form of bankruptcy protection, the filing showed.

The most valuable hotel in the original portfolio, the Kensington Hilton in London, was sold separately for 261.5 million pounds to a company controlled by hotelier Bakir Cola. Brokers Savills and Jones Lang LaSalle were hired to manage a sale of the remaining properties.

“The disposal of the Zinc portfolio is indicative of the unabated appetite for U.K. hotels, particularly those with attractive lease terms and long-term value enhancement opportunities,” according to Rob Stapleton, a director at Savills. A representative for Savills declined to comment on the identities of investors behind Vivion.

Zinc is the second acquisition within the hospitality industry by Vivion in the past year, and follows the 750 million-pound purchase of the Ribbon portfolio of Holiday Inn and Crowne Plaza hotels. Dayan’s Ouram Holding vehicle separately owns about 23 percent of German landlord TLG Immobilien AG.

©2019 Bloomberg L.P.

This article was written by Jack Sidders from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Photo Credit: Hilton flag. Jack Sidders, ©2019 Bloomberg L.P.

ViaSkift

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