Buyers sought for hotels at centre of dispute between Hilton and Vincent Tchenguiz
Ten hotels at the centre of a dispute between Hilton and a property tycoonare to be put up for sale again.
The string of hotels previously owned by Vincent Tchenguiz are poised for new ownership, as administrator AlixPartners appointed agencies to find buyers according to The Sunday Times.
JLL and Savills have been selected to find owners for the sites, which include the Hilton in Kensington.
The properties were put up for sale last year for an estimated £600m. But a sale never took place, prompting lenders to put the hotels into administration.
Tchenguiz has prepared a legal challenge against Hilton, accusing the company of frustrating the sales process in the hope of buying back the sites at a cut price.
Hedge funds Fortress and Hayfin have also become caught up in the dispute, due to Tchenguiz's belief that they provided confidential information about financing arrangements to Hilton.
Many of the sites are believed to have deteriorated, with Tchenguiz previously alleging that Hilton had breached the leases due to the poor condition of the hotels.
Hilton, AlixPartners and Vincent Tchenguiz did not respond to requests for comment.