Blackstone sells London hotel for £300m
The Blackstone Group has sold the 582-room Doubletree by Hilton in London for approximately £300 million ($378 million) to the Bhatia family, which owns hotel development and operations company Muirgold. An official announcement has not been released.
Muirgold also owns the 419-room Hilton Paddington and 298-room Hilton Waldorf hotels in London.
Blackstone bought the property as part of the eight-property Mint Hotel portfolio for £600 million ($755.5 million) in 2011 from Lloyds Banking Group. The sale is part of Blackstone’s plans to sell hotels operated under Hilton Worldwide Holdings’ DoubleTree brand in London, Dublin and Amsterdam for €980 million ($1.1 billion).
Eastdil Secured represented the DoubleTree by Hilton at the Tower of London sale. CBRE Hotels was appointed to sell the Amsterdam assets. And in Dublin, Savills is handling the sale of the former Burlington hotel.
In a separate deal, Blackstone annou