Israel based real estate company Delek Real Estate has confirmed that they are taking over operations of 47 U.K. hotels currently managed by Marriott International along with their partners.
Royal Bank of Scotland sold 47 Marriott hotels across the UK to Israel based real estate company Delek Real Estate. The deal is worth around USD 2.1 billion.
RBS had bought 46 of the hotels from a joint venture between Whitbread and Marriott International last April for USD 1.865billion, paying an additional £30m for a separate Marriott development.
The bank said its normal practice with hotel investments was to sell on its stake as quickly as possible, and that it had been working on this deal for some time.
The portfolio of hotels, which includes the London Regent's Park hotel as well as sites in Scotland and Wales, has 8,456 rooms and will continue to be managed by Marriott under a 30-year agreement.
Delek Real Estate Ltd. is one of the largest and most active real estate holdings in Israel with investments worldwide.
Delek Real Estate is the owner (100%) of Delek-Belron International Ltd., that concentrates on long-term real estate investments in western countries and Dankner Investments Ltd. (100%), that has become its operational arm in the Israeli residential construction sector.
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