MINA Holdings, Freeport, Bahamas, revealed on Friday that it is set to purchase 42 Marriott-branded hotels in the United Kingdom from Fawkes Holding, a subsidiary of Professional Ventures Corp. for US$800 million.
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. The deal is expected to be the largest ever by MINA.
“The assets had at one point been worth over US$2 billion and we expect to be able to be able to once again attain those numbers as the economy recovers in the UK and across the globe. The deal is in the final stages and should be closed shortly,” said Margaret Sheridan, MINA spokeswoman.