Hilton Hotel Portfolio UK
Hilton appointed AA Projects to support with the acquisition and repurposing of a portfolio of Hilton Hotels, located in various towns and cities across the UK.
AA Projects were engaged to provide due diligence services which included pre-acquisition surveys and reports across all seven properties, followed by works to prepare three properties for onward sale and completion of EPC, energy modelling and Section 63 documentation, along with vendor reports that provided reliance to a third-party Buyer.
AA Projects also provided insurance reinstatement valuations upon purchase of the portfolio.
Initially, AA Projects were engaged to provide due diligence reports and advice on the purchase of all seven properties. The reports were firstly used in negotiation for the purchase of the assets and then to provide reliance to a third-party funder.
We were challenged to complete all works within two-weeks, detailing any deferred maintenance expenditure and gaps in maintenance records and documentation. This was achieved and we presented our findings to our client and their proposed operator.
Following the acquisition of the portfolio, it was decided to sell three assets and we were once again engaged to ensure that we had vendor reports and documentation in place, to allow the swift sale of the assets. We also provided third-party reliance on our reports to provide comfort to the Purchaser and their Funders.
The due diligence advice was presented in an easily digested format, where cost information was extracted on the basis of annual expenditure required over the next five years along with highlighting any immediate issues or health and safety risks. This information was then utilised by our client to drive value into the offer and subsequent purchase.
We also then ensured the gaps in information were filled by putting in place energy and insurance related information.
We’ve now built up a strong relationship with this exciting client and our expert team continue to strengthen our offer in the leisure sector.
The Grand Hotel Birmingham
The Grand Hotel Birmingham project aimed to resurrect a former city centre hotel property with significant history and heritage, bringing it back to a landmark hotel for the region.