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Sovereign Wealth Funds Briefing - Categorized | Investment

Gulf fund buys hotels once owned by Irish investors

Posted on 04 March 2013

Abu Dhabi’s sovereign wealth fund has paid more than €760 million for a chain of hotels that cost Irish investors £92 million when their bank took control of the business in 2011. The Abu Dhabi Investment Authority (ADIA), a fund operated by the oil-rich gulf state, has bought 42 Marriott-branded hotels in Britain from administrators appointed by Royal Bank of Scotland for $992 million (€761 million).
Irish investors led by the now defunct Quinlan Private and a company controlled by Israeli businessman Igal Ahouvi bought the hotels from Royal Bank of Scotland in 2007 for £1.1 billion………………………………………..Full Article: Source


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