The 319-room hotel, located on William Street, is operated by Hilton Worldwide on a 30-year lease from 2001, producing a turnover-based rent which has consistently exceeded the base rent.
Clive Bush, managing director for operations, said: “The property offers a long term secure income stream and is typical of the type of investments which we are seeking. This is the second time in recent months we have completed a major transaction in four days.”
The hotel was sold by the Royal Bank of Scotland, which completed the transaction within four working days. Topland was advised by Maclay Murray & Spens.