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Bidders are Lining Up for Sale of 42 Marriott Hotels by Royal Bank of Scotland
After Collapse of Owners, Professional Ventures Corporation

By Sarah Bridge, Financial Mail on Sunday, LondonMcClatchy-Tribune Regional News

Nov. 27, 2011--Bidders are lining up for the Marriott chain of 42 hotels put up for sale by Royal Bank of Scotland after the collapse in June of its owner, Professional Ventures Corporation.

First-round bids are due by December 15 and interest is expected from investors such as Starwood Capital, Blackstone and Goldman Sachs, plus bidders from Asia and the Middle East.

A source said interest had been boosted by the Marriott brand and quality of properties such as the Marriott County Hall in London.

Meanwhile, another hotel in the von Essen group has been sold, leaving 18 to go. Mount Somerset, near Taunton, Somerset, has been bought by the Eden Hotel Collection, which also acquired the Greenway Hotel from the former von Essen portfolio.

Insiders say the lending banks, Barclays and Lloyds, will not be able to recoup the whole of the pounds sterling 295 million owed by the company.


(c)2011 the Daily Mail (London, )

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