Blue Mountain Leads Bid for 42 UK Marriott Hotels
Indian real estate investment firm, Blue Mountain Real Estate Advisors, has emerged as the preferred bidder for a portfolio of 42 Marriott hotels across Britain. Their offer, nearing £750 million, positions them ahead of other potential buyers. The hotel portfolio's holding company previously succumbed to financial pressures, accumulating approximately £900 million in debt, predominantly held by the Royal Bank of Scotland (RBS).
RBS Grants Exclusivity Period
Blue Mountain Real Estate Advisors, an affiliate of the Mumbai-based India Blue Mountain Group, has been granted an exclusive period by RBS to secure the necessary funding for this substantial acquisition, according to a report from The Times. This development grants the firm a significant advantage in finalizing the transaction.
Surprise Turn in Bidding Process
This outcome marks an unexpected twist in the bidding process. RB Capital and Sahara, the Indian conglomerate that acquired the Grosvenor House on Park Lane for £470 million a little over a year ago, were widely considered frontrunners in the later auction stages. The emergence of Blue Mountain as the preferred bidder suggests a formidable offering and strategic approach to the acquisition.