Little known Indian property investor Blue Mountain Real Estate Advisors has been selected as the preferred bidder for 42 Marriott hotels throughout Britain after it offered almost 750 million pound, a media report has said.
The holding company for the portfolio of hotels collapsed under the weight of about 900 million pound of debt, most of it held by Royal Bank of Scotland (RBS).
Blue Mountain Real Estate Advisors, part of the Mumbai-based India Blue Mountain group. , is understood to have been granted a period of exclusivity by the RBS to put together funding for a deal, The Times said in a report.
According to the report, the front-runners in the latter stages of the auction had been RB Capital and Sahara, the Indian group that bought the Grosvenor House on Park Lane just over a year ago for 470 million pound.
