Hilton Group has put 18 of its UK properties up for sale for more than £300m. The properties on the market include the Hilton London Gatwick and the Hilton London Olympia.
The group hopes to retain management contracts to run all the sold off the hotels.
Hilton Group announced in February that it planned to sell off properties totalling up to £400m. It has so sold off seven and exchanged contracts on the remaining four.
A “substantial part” of the money raised will go to shareholders, the company said.
It added: “The number of hotels being sold is greater than initially expected reflecting strong indications of interest from potential buyers.
“The preference is to sell the hotels with a long-term management contract, although offers for vacant possession will also be considered.”
Pegasus ends agreement with IHG
Pegasus Solutions, the US-based IT services provider has ended its agreement with international chain InterContinental Hotels Group (IHG) for the use of its PegasusCentral property management system (PMS).
It also announced its intention to leave the property management system business.
IHG had used the PegasusCentral system in its Holiday Inn Express brand. This has now ended.
Pegasus said the deal had been terminated mutually. John Davis, Pegasus president and ceo, said: “We could not meet their needs with PegasusCentral and generate the kind of revenues and profitability that we expect from our products and services.”
Pegasus now plans to sell off all or part of its PMS business and is already in talks with potential buyers. It hopes for a sale within a year.
Mr Davis said: “We've had a long run in the property management system business and while we will no longer develop our own system, we intend to work closely with a number of property management companies to ensure their products integrate with our central reservation and distribution products.”