Saturday, November 21, 2009

Lloyds Banking Group to disinvest from Forte hotels

Lloyds Banking Group has decided to withdraw from its joint venture with Sir Rocco Forte’s hotel company, which owes the bank some £380m.Half the debt is in the joint venture, which includes seven of the 13 international hotels in the Rocco Forte Collection, including Brown’s in London.Forte told The Herald: “Part of our hotels business is in joint venture with Bank of Scotland. They have declared the joint venture is no longer core, and over a period of time they would like to disinvest from it.”

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