Canadian Hotel Management Company to Acquire 42 UK Marriotts
The portfolio provides comprehensive coverage, including Central London properties, which are well placed to take advantage of the increased demand in 2012 due to the high volume of international events taking place in the UK.
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In addition to the London locations, the portfolio is highlighted by a variety of conference centres, upscale country club estates and hotels in key regional cities.
With tourism contributing an estimated £155 a year to the UK economy the breadth of the portfolio takes advantage of an increase in domestic tourism in the region.
The deal is expected to be the largest ever made by a Canadian-based company as MINA Holdings is set to purchase the hotels from Fawkes Holdings Limited, a subsidiary of Professional Ventures Corporation.
The hotels are operated, under contract, by Marriott® International Inc., for a further 25 years, whose name will continue to provide considerable financial support and global brand recognition.
Edited by: Kristin Craik