A portfolio of 42 Marriott hotels in the UK could be put on the market after the owners of the properties were unable to agree a debt-for-equity deal with Royal Bank of Scotland (RBS).
The portfolio is believed to be worth around £1bn. RBS has now taken control of their ownership and appointed Ernst & Young as receivers.
RBS originally sold the hotel properties to the group of investors - which included Quinlan Private and Delek - in 2007 and reportedly still owns about £700m of the debt used to finance the acquisition.
RBS first acquired the hotels in 2006 from Condor, a joint venture between Whitbread and Marriott International.
Marriott continues to operate the hotels and a spokesperson said each hotel is under a 30-year management agreement dating to the 2006 deal. She added that the operating company remained "entirely unaffected" by any changes in ownership of the properties.
The portfolio is believed to be worth around £1bn. RBS has now taken control of their ownership and appointed Ernst & Young as receivers.
RBS originally sold the hotel properties to the group of investors - which included Quinlan Private and Delek - in 2007 and reportedly still owns about £700m of the debt used to finance the acquisition.
RBS first acquired the hotels in 2006 from Condor, a joint venture between Whitbread and Marriott International.
Marriott continues to operate the hotels and a spokesperson said each hotel is under a 30-year management agreement dating to the 2006 deal. She added that the operating company remained "entirely unaffected" by any changes in ownership of the properties.