Whitbread plans Marriott sale and leaseback

06 September 2004
Whitbread plans Marriott sale and leaseback

Leisure group Whitbread is considering selling off a raft of its hotel assets, but continuing to manage the actual properties, in a deal that could be worth about £300m.

The company is understood to have appointed investment bank Morgan Stanley and advisors CBRE Hotels to sell off assets from its Marriott hotels business.

Details of the move are expected to be announced formally by chief executive Alan Parker at the end of October, when he unveils the results of a wholesale review of the business alongside its half-year results.

Whitbread would continue to manage the hotels under a long-term contract.

Whitbread has long been looking to get better returns from its hotels, and has begun an auction to dispose of its three-star Courtyard by Marriott hotels, which it is selling from about £80m through CBRE.

by Nic Paton

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