Unusually for a building in Mayfair, the London Hilton is freehold. It is let to Hilton International Hotels until December 2033 at a current rent of about £8.1 million ($12.4 million) per annum reviewable annually in line with retail prices index and with open market reviews at December 2007 and then every eight years.

London and Regional holds a controlling interest in the new joint venture and will manage the property. Insignia Hotels advised London & Regional.

Mark Collins, Chief Executive of Land Securities Portfolio Management, explained the decision to relinquish control of this trophy asset: "We have owned the London Hilton, a significant landmark building in Mayfair, for many years and during this time through various lease re-structures, achieved significant added value from this property," he said. "However, it no longer sits within our core areas of activity and we believe the time is right for us to release equity from this investment.