Royal Bank of Scotland is pulling out of the bidding for the £250m Jarvis hotels portfolio.
The bank, which has invested £1.5bn in sale-and-leaseback deals in the sector this year, was reported as top bidder for the portfolio last month but is thought to be dropping the deal as it reviews its options.
The frontrunner is now thought to be Schroders. NM Rothschild has also been identified as a serious bidder.
The Jarvis portfolio contains around 50% of the companys property assets, including the £70m Regents Park hotel on Lodge Road, NW8. It is likely to include eight of Jarviss top UK hotels, offering a yield of 8%.
RBS refused to confirm it had pulled out of the deal.
See Saturday’s Estates Gazette for a fuller version of this story.
EGi News 10/08/01
