Search
The Caterer

Royal Bank of Scotland to put four hotels up for sale, say reports

03 October 2007
Royal Bank of Scotland to put four hotels up for sale, say reports

Royal Bank of Scotland (RBS) is reportedly putting four hotels worth up to £650m up for sale, including the landmark Waldorf Hilton and Cumberland hotels in London.

The bank is understood to have instructed CB Richard Ellis Hotels, the real estate consultancy to find buyers, according to The Times.

RBS hopes it will be third time lucky after two previous attempts to sell the properties failed.

The four hotels, which also include the Park Inn at Heathrow and the Marriott Victoria & Albert in Manchester, were due to be sold to Vector Hospitality, together with 11 other Hiltons owned by RBS, for about £1.1b. However, the deal collapsed in June when the £2b flotation of Vector failed.

RBS then made a fresh attempt to sell the entire package of 15 hotels, agreeing a £1b-plus deal with Robson Asset Management (RAM), a new investment vehicle set up by Jeremy Robson, the bank's former head of principal finance.

But the uncertainty in the financial markets scuppered a sale for the second time.

For its latest attempt, RBS is adopting a different strategy. It has stripped out the 11 Hilton properties and is seeking individual buyers for only the four properties. Its plans for the 11 other Hilton hotels are unclear.

RBS to postpone £1.1b Hilton sale >>

RBS to sell Hilton portfolio for £1.1b >>

By Daniel Thomas

E-mail your comments to Daniel Thomas](mailto:daniel.thomas@rbi.co.uk?subject=RBS to put four hotels up for sale) here.

[The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.