04.03.2013 - Gulf fund buys hotels once owned by Irish investors
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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