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Marriott sells 47 hotels to Irish investment group

16 April 2007 by

Marriott has sold 47 of its UK hotels to Irish investment group Quinlan Private and real estate investor Igal Ahouvi Group in a deal worth £1.1b.

The sale, handled by Royal Bank of Scotland, involves four and five-star properties in England, Scotland and Wales with approximately 8,500 rooms.

The hotels are currently operated by Marriott International, through its Marriott Hotels & Resorts brand, under the terms of 30-year management agreements which commenced in 2006.

Pauline Bradley, head of transactions at Quinlan Private, said: "This is one of the best hotel portfolios in terms of asset quality and geographic spread within the UK.

"It provides unparalleled diversification which will sustain strong cash flows and capital appreciation. We look forward to working with our partners and the Marriott team to enhance returns and deliver value for our investor group."

Quinlan Private is the single largest investor in the portfolio. Igal Ahouvi is investing on behalf of a consortium of international investors including Electra, First International Bank of Israel and Delek Real Estate.

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By Daniel Thomas

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