ADIA Ready to Purchase 42-Hotel Portfolio from RBS

In June 2011, the Royal Bank of Scotland Group Plc (RBS) took control of 42 Marriott-branded hotels in England, Scotland, and Wales. They assumed control of the £1 billion property portfolio following loan defaults. At the time, RBS owned £700 million of debt which was used to finance the purchase in a syndicated loan structure. The additional loan was originally owned by Lehman Brothers and was acquired by York Capital, a hedge fund entity.

It looks like RBS has found a buyer after entertaining several bids, the Abu Dhabi Investment Authority (ADIA) which is planning to buy the 42 Marriott-branded hotels for £640 million. The hotel portfolio includes the Marriott Country Hall on London’s South Bank, St Pierre Hotel, Dalmahoy Hotel, and the Heathrow Marriott.

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