Sovereign wealth fund Abu Dhabi Investment Authority is reportedly now the preferred bidder for a portfolio of 42 U.K. Marriott-branded hotels.
Citing unnamed sources, Property Week reported that Abu Dhabi is set to purchase the portfolio for £620 million (US$971 million) with the deal hoped to close in September.
The sale of the portfolio, owned by Fawkes Holding, a subsidiary of Professional Ventures Corp. has been the subject of much speculation in the financial press. The portfolio is currently in receivership and under administration by Ernst & Young. The Royal Bank of Scotland took possession of the properties from the ownership group that includes Quinlan Private and Delek Real Estate in June 2011.
Quinlan and Delek, along with investor Igal Ahouvi, acquired the portfolio in 2007 for £1.1 billion. The portfolio originally consisted of 47 properties, but five were sold shortly after being acquired to help pay down debt. The remaining 42 hotels located in England, Scotland and Wales, comprise approximately 8,000 guestrooms.