Abu Dhabi preferred bid for 42 UK hotels - report

Abu Dhabi Investment Authority has reportedly bid US$973m for the Marriott hotel properties
Abu Dhabi preferred bid for 42 UK hotels - report
Marriott Hotels International.
By Shane McGinley
Tue 21 Aug 2012 11:53 AM

Abu Dhabi has been chosen as the preferred bidder for 42 UK-based Marriott hotels after making an offer of £620m (US$973m), according to reports in the UK.

State-backed lender Royal Bank of Scotland Group have taken control of the properties following loan defaults and the Abu Dhabi Investment Authority has been named as the preferred bidder, according to a report by UK-based trade magazine Property Week.

Last month, the Sunday Times reported Qatar and Abu Dhabi had both been in talks to buy the hotel.

The highest bid was said to be made by the Qatar Investment Authority, which had planned to team up with the Blue Coast Indian hotel chain as part of the deal.

The hotels were previously owned by the Whitbread hospitality chain, which is currently restructuring its debts.

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