RBS sells Glasgow hotel

7th Sep 2011 07:42

State-owned lender Royal Bank of Scotland has taken another step in its programme to slim down its hotel portfolio with the sale to a private investor of the Hilton Glasgow Grosvenor hotel.The hotel has been sold for £9.45m in cash."This shows continued progress with the sale of the hotel portfolio in its Non-Core Division and the asset reduction element of its Strategic Plan," a statement from Royal Bank of Scotland said.The Non-Core Division has sold 10 of 11 hotels in the RBS Hilton portfolio so far. As at June 2011, RBS has reduced assets by £145bn since the Non-Core Division's inception in 2009. --jh