It is reported that Ernst & Young have been appointed by Royal Bank of Scotland as receivers to forty two UK based Marriott hotels.
In 2007 Royal Bank of Scotland reportedly provided finance in the region of £700 million for the acquisition of the UK portfolio hotels by Quinlan Private, Delek Real Estate and Igal Ahouvi. Avestus Capital (formerly Quinlan Private) clients are reported to have held investments worth £92 million in the portfolio. Separately, it is also reported that Avestus have sold the Mall of Sofia for €100 million to Europa Capital, a London private equity manager. Avestus and GE Real Estate are to share equally in the profits of the sale.
Contributed by Brendan Cahill.
