RBS Buys 46 Marriotts From Whitbread
LONDON, UK, April 21, 2006. British banking group Royal Bank of Scotland has bought 46 Marriott hotels from leisure group Whitbread for 951.4 million pounds.
The hotels were owned by Whitbread as part of a 50/50 joint venture with US-based group Marriott, but the agreement between the companies in 2005 foresaw the sale of the hotel buildings within two years.
Marriott was to retain the business of servicing the hotels, the companies said in an announcement on Friday.
The acquisition by the Royal Bank of Scotland, the second-biggest British bank measured by market capitalisation after HSBC, follows the purchase last year of 16 Hilton hotels in partnership with Israeli businessman Egal Ahouvi.
The sale by Whitbread fits with its strategy of focusing its activity on more low-cost hotels.CBRE Hotels acted as advisor.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
