RBS takes control of £1 billion Marriott portfolio

Published 15th Jun 2011

Royal Bank of Scotland has taken control of 42 Marriott hotels across Britain and has appointed Ernst & Young as receivers of the 1 billion pound ($1.64 billion) portfolio, the Financial Times reported on Wednesday.

The FT said RBS took control of the portfolio after failing to secure a debt-for-equity restructuring of one of its largest individual real estate loans made during the property boom.

The portfolio, which includes four and five-star hotels in England, Scotland and Wales, will be one of the largest single property receiverships so far in the debt book of the bank, it added.

Source: ' Reuters '

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