Consortium set to complete £1b deal for 47 Marriott hotels

02 January 2007 by
Consortium set to complete £1b deal for 47 Marriott hotels

An Israeli/Irish consortium is set to complete a £1b deal with Royal Bank of Scotland for 47 Marriot hotels.

Israeli property company Delek Belron Real Estate is expected to take a 17% share of the upmarket UK properties.

Other members of the syndicate include Israeli group Electra Real Estate, FIBI Investment and Dublin-based investors Quinlan Private.

The consortium is expected to provide £200m equity and has agreed a long-term loan of £850m from RBS to fund the acquisition.

Under the terms of the deal, Marriott will retain a 30-year management agreement for the 8,456 rooms, which include its flagship County Hall hotel in London.

RBS bought 46 Marriott hotels from the Marriott International and Whitbread joint venture last April for £951m, as well as a separate Marriott development for £30m.

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By Emily Manson

E-mail your comments to Emily Manson]( set to complate £1b deal for 47 Marriott hotels) here.

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