Quinlan snaps up Marriott Hotels
 By Niamh
Hennessy
An Irish investment firm has made the first big international deal of
the new year.
Quinlan Private has become the major shareholder in Marriott Hotels in
a 50 per cent buyout of the portfolio from the Royal Bank of Scotland
along with four Israeli groups in a deal believed to have cost the company
around £200million.
Jonathan Nealan spokesperson for the company confirmed the news this week.
He said: “Quinlan are the largest equity holder in the transaction
but they are yet to make an official statement on the acquisition.
“But the project was led by Delek, an Israeli equity firm and it’s
great news for Quinlan.”
More than £200million of the cost will be paid upfront with Quinlan
sourcing as much as £100million from clients when it syndicates
the deal.
Marriott has 47 hotels in their international chain and Quinlan expects
a huge annual income of £78million from the hotels in the next 10
years.
Former Halifax and Bank of Scotland banker Pauline Bradley has taken a
well-earned break after leading the deal for Quinlan.
With the deal operating from out of the London office — where Mrs
Bradley is based — the contract has been viewed as an attempt by
Mr Quinlan to broaden the international base of his rapidly-expanding
business.
The Marriott International group will manage the hotels under a 30-year
deal.
With a total of 8,456 rooms, 39 of the hotels are in Britain, five are
in Scotland and three are in Wales.
About a fifth of Quinlan Private’s assets are in hotels. Last year
it was part of a group which sold the Four Seasons Hotel in Milan for
£200million, while just a year after purchasing the Savoy Group,
which included Claridges, Quinlan sold the Savoy Hotel for £230million.
The firm made notable retail investments last year. Quinlan Private
led the group that bought the Neumarkt Galerie shopping centre in Cologne,
Germany, for 170 million last September.
In May, it led a group that bought the Diagonal Mar shopping centre
in Barcelona for 300 million.
|
