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News - 13 March 2011
Brighton Metropole Hotel changes hands for £39m
Topland Group – a London based international investment company – has bought the 20 year operating lease from Royal Bank of Scotland [RBS] for £39.25m in a deal that took just four days to complete.
The rent for the 340 bed hotel will include an element based on turnover which means the owners will pay more if the hotel performs well. The turnover rent has consistently outperformed the base rent over the past ten years.
The part-nationalised RBS bank recently also offloaded two London hotels, Grosvenor House Hotel and the Cumberland as part of a drive to dispose of non-core assets in the wake of its rescue by the Government.
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