22.02.2013 - UK Marriott hotels sale imminent
The sale of 42 Marriott International properties in the UK, controlled by the Royal Bank of Scotland (RBS) Group, is in advanced stages, according to banking sources. Without disclosing the terms and the time frame of the deal, a banking source told Gulf News that the sovereign wealth fund, Abu Dhabi Investment Authority (Adia), is the prospective contender for the deal, estimated at approximately 640 million ($992 million). Adia spokesperson, Erik Portanger, however, declined to comment. RBS acquired the Marriott hotels across England, Scotland and Wales in 2011 after the borrowers defaulted on a loan, according to a recent Times of London report. The UK publication also reported earlier that Adia and Qatar Investment Authority were the two bidders for the hotels............................................Full Article: Source
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