The Irish-Israeli joint venture behind the purchase of the £1.1bn Marriott hotel portfolio in April this year has sold five of its ‘non core’ hotels for $69m (£48m).

Principal Hayley Group

Quinlan Private and Israeli investors Delek Real Estate and Igal Ahouvi have sold five hotels in Derby, Sheffield, Solihull and Grantham in England and Inverness in Scotland to Principal Hayley Group, the hotel and conference centre operator controlled by Permira.

Delek, which owns 17% of the entire Marriott portfolio, said it had almost doubled its money as the hotels were valued at £36m at the time of the purchase.

30-year agreement

The Irish/Israel joint venture bought the £1.1bn portfolio from RBS. The remaining 47 four and five-star hotels will continue to be managed by Marriott under a 30-year agreement.