|42 Marriott operated hotels falls into administration.|
Monday, 20th June 2011
Source : HVS International
|The holding company of 42 Marriott-operated hotels in the UK has gone into administration; receivers have now been brought in to take control of the portfolio, which comprises approximately 8,000 rooms.|
The Royal Bank of Scotland was unable to restructure £700 million of debt with the hotels’ owners. The portfolio, which originally included 47 hotels, was acquired in 2007 for £1.1 billion by private equity firm Quinlan Private, Israel-based Delek Real Estate and Israeli investor Igal Ahouvi.
The hotels will continue to be operated as normal by Marriott, which holds 30-year management agreements with the properties. A spokeswoman for Marriott commented that the operation of the hotels is “entirely unaffected by these actions as is any subsequent sale to a new ownership group”.
~ Important Notice ~
Articles appearing here contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.
| Latest News (Click title to read article)|