Marathon 'poised to offload 17 UK hotels' to Thai buyer for £500m
Marathon Asset Management is closing in on the sale of a group of UK hotels to Thailand's DTGO Corporation for about £500m (€558m), according to people with knowledge of the exclusive talks.
Bangkok-based conglomerate DTGO is performing due diligence on the 17 properties after outbidding rival investors from Thailand and the UK, said the people, who asked not to be identified discussing private negotiations.
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The hotels are being sold through broker CBRE Group, they said. Representatives of DTGO, CBRE and New York-based Marathon declined to comment.
Investor demand for hotels around the UK has proven resilient to Brexit uncertainty, thanks to the weak pound making assets cheaper for overseas buyers and attracting international tourists.
About £7.4bn of UK hotel deals were completed in 2018, up 29pc from the previous year, according to research by broker Knight Frank. Overseas investors accounted for 78pc of that total. Marathon, co-founded by Bruce Richards, is also in the process of selling 815 Irish apartments for about €285m to Irish Residential Properties REIT, the landlord confirmed last month.