The Royal Bank of Scotland (RBS) has announced the sale of the Brighton Hilton hotel to UK investor Topland for over £39 mln (EUR 45 mln) in cash.

The Royal Bank of Scotland (RBS) has announced the sale of the Brighton Hilton hotel to UK investor Topland for over £39 mln (EUR 45 mln) in cash.

RBS said the deal represents further progress in the sale of its hotel portfolio within the non-core division, bringing the total number of hotels divested to 11. The seafront hotel, built in 1890, is Britain's biggest residential conference centre with conference facilities for over 5,000 attendees. It also offers 340 rooms and boasts a 20-year operating lease with Hilton from 2001.

'The property offers a medium-term secure income stream but with longer term development potential and is typical of the type of investments which we are seeking,' said Clive Bush, Topland's managing director Operations.

Tom Betts, director of Structured Finance, added: 'This acquisition highlights Topland's appetite for attractive yield and asset management opportunities. The group has the equity to continue to 'purchase for cash' and we are confident of further real estate acquisitions in the coming months.'

Topland was advised by Osborne Clark while RBS was advised by BLP.