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42 Marriott Hotels in the UK are Sold to MINA

MINA Holdings is the new official owner of 42 Marriott-branded hotels in the UK. The Bahamas-based company has paid around $800 million for the deal with The Royal Bank of Scotland, the previous owner of the properties.

Currently all hotels are under administration by Ernst & Young. The Royal bank of Scotland got these properties by acquiring Quinlan Private and Delek Real Estate in the summer of the previous year. The initial portfolio of hotels was purchased by Quinlan and Derek in conjunction with Igal Ahouvi. The investors paid around £1.1 billion for the deal in 2007. At that time the portfolio was a bit larger as it consisted of 47 hotels. However, due to debts 5 properties were sold soon after the purchase. The remaining hotels are located in Wales, England and Scotland. The total number of guestrooms of the hotels in portfolio exceeds 8,000.

This is the largest deal in the history of MINA. The experts of the company suggest the true value of the hotels purchased estimates US$2 billion. The price is lowered by the global economic crisis, but once it’s over, the hotels will get their value back.

01.03.2012

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