HPL Properties (West), a wholly-owned subsidiary of Hotel Properties Limited, has formed a joint venture with Olympia Partners to acquire a London hotel, according to an announcement released by HPL on August 1. The estimated purchase price for the hotel, Hilton London Olympia, is £114.85 million ($206.3 million).

The JV, HPL Olympia, is 80%-owned by HPL Properties (West) and 20%-owned by Ong Beng Seng’s company, Olympia Partners. The JV has incorporated a wholly-owned unit in the UK, named HPL (Olympia).

HPL (Olympia) and the JV have entered into an agreement with Maple Midco and Maple Hotels 1 to purchase the entire issued share capital of Maple Olympia Propco 4, which owns Hilton London Olympia.

Source: Hilton London Olympia

The 405-key Hilton London Olympia is located near the Olympia Exhibition Centre at Kensington High Street. The transaction will be funded through internal resources and loans.