Royal Bank of Scotland has agreed to acquire 46 hotels from a joint venture between Whitbread and Marriott International.
Under the terms of today’s deal, Marriott will continue to operate the hotels. Whitbread has also agreed to sell the Leicester Marriott hotel development to RBS for £30m. Completion of the Leicester is expected in June.
Camerons, led by corporate partners Louise Wallace and Chris Southorn advised RBS on the deal. Jeremy Robson, managing director of corporate real estate finance at the Royal Bank of Scotland, led the RBS team.
Wallace said: “This instruction adds to a very successful period for the CMS Cameron McKenna hotels group.”
Slaughters scooped the role acting for Whitbread/Marriott on the sale led by corporate partner Simon Nicholls with partner Simon Lee advising on property issues.
Slaughters was one of original advisers on a £1bn agreement between Whitbread and Marriott last year which saw Whitbread transfer the running o the hotels to Marriott. On that occasion, Slaughters advised longstanding client Whitbread while Gibson Dunn & Crutcher acted for Marriott.