Marriott hotel portfolio up for sale
As a result of the collapse of offshore holding company Professional Ventures Corporation, 42 Marriott hotels located across the country are now under the control of the RBS.
Ernst & Young has been appointed receiver of Professional Ventures Corporation – which has its headquarters in the British Virgin Islands – and RBS has stepped in to oversee control of its £1 billion portfolio of properties.
Professional Ventures Corporation is the holding company for the owners of the hotels, including Delek Real Estate, Blenheim Property Group and Quinlan Private.
Two of the Marriott hotels now on the market include the Forest of Arden Country Club at Meriden – a leading tennis, golf and fitness venue - and The Birmingham Marriott Hotel at Hagley Road, Five Ways. The latter – formerly called the Swallow – was where former US President Bill Clinton stayed during his 1998 visit to Birmingham.
According to Ernst & Young, the hotels will continue to trade as normal for now. Roy Bailey, joint administrative receiver told the Birmingham Mail, “Marriott will continue to operate the hotels and this decision will not affect customers, suppliers or employees of the hotels.”
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