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RBS takes control of 42 Marriott hotels in UK

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Published on 16/06/11 - Updated on 17/03/22

Royal Bank of Scotland has taken control of 42 UK hotels, all branded under Marriott International flags, after the bank was unable to restructure £700 million of debt with the ownership group that includes Quinlan Private and Delek Real Estate.

Ernst & Young has been tapped as receivers for the portfolio, valued at roughly £1 billion, Financial Times reports. All told, about £900 million of debt remains.Operations are continuing normally across the portfolio, with Marriott under contract to manage the properties through 2036.Quinlan and Delek, along with investor Igal Ahouvi, acquired the portfolio in 2007 for £1.1 billion. The portfolio originally consisted of 47 properties, but five were sold shortly after being acquired to help pay down debt. The remaining 42 hotels—located in England, Scotland and Wales, comprise approximately 8,000 guestrooms.Operations are continuing normally across the portfolio, with Marriott under contract to manage the properties through 2036.

Marriott International

Marriott International

Hotel Group

  • Marriott International United-States
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