The Royal Bank of Scotland (RBS) has taken control of a £1bn property portfolio of Marriott hotels in the UK and appointed Ernst & Young as receivers to the 42-strong estate. The group of hotels was acquired for £1.1bn by Igal Ahouvi, Quinlan Private and Delek Real Estate from RBS in 2007, in what was one of the banks largest loans during the property boom of the last decade According to the Financial Times, RBS, which owns about £700m of debt that was used to finance the acquisition in a syndicated loan structure, called in the receivers after failing to secure a debt-for-equity restructuring of the loan. The Marriott portfolio comprises about 8,000 rooms, and the newspaper said it is one of the largest single property receiverships so far in the debt book of the bank.

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