Royal Bank of Scotland has sold 47 Marriott hotels in the UK to a consortium led by private investment vehicle Quinlan Private.

The deal is believed to be worth £1.1bn, making it the largest single hotel deal in the UK since InterContinental hotels offloaded 73 Holiday Inns to UK-based LRG for £1bn in March 2005.

Marriott will continue to manage the hotels for the next 30 years and also has an option to extend the management contract by another 10 years.

Quinlan Private will hold a 40 per cent stake in the newly formed hotel portfolio, with other investors in the consortium including Israel-based real estate firms Delek Berlon International, Electra Real Estate and Dorea Investments.

Quinlan was formed in 1989 and in 2004 bought the Savoy Hotel Group for around £1.3bn.

Delek Belron International owns and manages prime real estate investments in Israel, Europe and Canada and already owns 16 hotels in the UK.