Royal Bank of Scotland (RBS) has assumed control of a £1 billion property portfolio of Marriott hotels, Financial Times reports. The bank has appointed Ernst & Young as receiver for the offshore holding company, Professional Ventures.
RBS owns about £700 million of debt that was used to finance the acquisition of the portfolio by Igal Ahouvi, Quinlan Private and Delek Real Estate in 2007. The bank failed to secure a debt-for-equity restructuring for its loan.
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