TAIN Estates has sold half of its share in Wembley’s Hilton hotel to US private equity firm Oaktree Capital for £30m.
The developer yesterday said it has sold the 50 per cent stake in the four star hotel to OCM Wembley Holdings, a firm owned by funds managed by Oaktree.
The hotel, which has 361 rooms and opened in July last year, is part of the 85 acres of land Quintain is developing around Wembley stadium, including the London Designer Outlet village, an upmarket fashion shopping centre that is opening later this year.
Quintain chief executive Max James said: “The sale...forms an important part of our strategy to reduce net debt to below £400m whilst enabling Quintain to participate further in the potential upside from the Hilton's maturing business profile.”
Oaktree, chaired and co-founded by US billionaire Howard Marks, manages around $80bn in assets. It recently snapped up housebuilder Countryside Properties and also controls Countrywide, the estate agent that floated last month.