Quintain sells Hilton stake

wembley hilton 2Quintain has accepted an offer for its 50% interest in the 361 bedroom, four star Hilton hotel at Wembley Park from its joint venture partner, Oaktree Capital Management

Quintain will sell the share for £40.0m in cash, which is a £6.0m premium to the March 2015 book value. Quintain say they will use the proceeds to accelerate the construction of homes at Wembley Park, where 475 apartments are on site at Emerald Gardens and Quintain secured detailed planning consent in February for a 362‐home development on the adjacent plot for “Alto”.

Quintain holds outline planning consent for approximately 4,000 more homes.

The Hilton London Wembley was developed by Quintain and is in the entertainment quarter of its 85‐acre development, next to Wembley Stadium, The SSE Arena
and London Designer Outlet.

Since the hotel opened in July 2012, it has successfully grown occupancy rates, supported by a strong conferencing and events programme, to become one of Hilton’s leading London hotels.

Max James, Chief Executive of Quintain, said: “This transaction enables us to crystallize value from our investment in the Hilton which has contributed significantly to the placemaking at Wembley Park. We will recycle the profits into accelerating the construction of new homes at Wembley Park, where we continue to achieve good prices on the apartments at Emerald Gardens and our latest development, Alto.”

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