Tuesday 19 September 2017

RBS agrees £39m hotel sale

Royal Bank of Scotland today said it had sold Brighton's Hilton Metropole for £39.3m (€45.6m) in its 11th large hotel sale since being bailed out.

The part-nationalised bank recently offloaded renowned London hotels the Grosvenor House Hotel and Cumberland as part of a drive to dispose of non-core assets in the wake of its government rescue.

RBS, which is 83pc owned by the British taxpayer, previously owned a raft of Hilton hotels within its property portfolio, which are leased to the Hilton chain. It has two Hiltons remaining after recent sales saw six sold in 2010 alone.

Investment firm Topland Group has snapped up the Brighton Metropole, Britain's biggest residential conference centre. Built in 1890, the 340-room hotel lays claim to having had Sir Winston Churchill as a guest after World World II.

It is also frequented by party political conference visitors and is situated on Brighton's seafront in the heart of the city.

RBS is selling off a host of assets, including its troubled insurance division, which includes the Direct Line and Churchill brands.

It hopes to sell RBS Insurance in 2012.

The bank recently reported annual figures showing it remained in the red last year, but slashed losses to £1.1bn from £3.6bn in 2009.

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