Blackstone has sold the DoubleTree by Hilton hotel at the Tower of London to the Bhatia family, owners of hotel operator and developer Muirgold, for a rumoured £300 mln (€350 mln).
Property Week reported the sale, three months after Estates Gazette reported rumours that the deal was at an advanced stage.
The asset, which comprises 582 bedrooms, was acquired by Blackstone from Lloyds Banking Group as part of the Mint portfolio of hotels in 2011. The entire portfolio, comprising nine assets, was purchased at the time for £600 mln.
Blackstone has already cashed in on other Mint assets in Glasgow, Birmingham, Bristol and Manchester, sold in a portfolio deal last year to Marathon Asset Management for around £160 mln. This year, the Burlington Hotel in Dublin was sold to Deka for €180 mln.
The remaining hotels in the former Mint portfolio are the DoubleTree by Hilton Amsterdam Centraal Station and DoubleTree by Hilton Westminster.
Dedicated hospitality investor Muirgold owns hotels including the Hilton Paddington and the Hilton Waldorf in Covent Garden.
Eastdil Secured acted for Blackstone.
