RBS to sell 42 hotels to Abu Dhabi’s sovereign wealth fund — report

RBS

Abu Dhabi sovereign wealth fund Abu Dhabi Investment Authority is close to acquiring 42 hotels run by Marriott International Inc (NYSE:MAR) from Royal Bank of Scotland Group Plc (LON:RBS), Bloomberg reported Monday, quoting a person in the know.

According to the source, who did not wish to be named as the matter was being kept private, the Abu Dhabi fund has been a preferred bidder since last summer. Another suitor was Qatari sovereign wealth fund Qatar Investment Authority, the Sunday Times had said in July 2012.

The portfolio under the scope of the transaction includes hotels in London and Edinburgh, the insider told Bloomberg.

The Times of London reported Saturday the price for the hotels, which the bank took control of as a result of a default on a loan, might be GBP640m (USD991.5m/EUR743.2m).

Spokesmen for the Abu Dhabi fund and administrators Ernst & Young LLP would not comment on the matter, when contacted by Bloomberg, while the agency could not immediately reach anyone at RBS for comment.

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