RBS Sells London's Cumberland Hotel to London & Regional, Starwood Capital

Royal Bank of Scotland Group Plc, the largest bank owned by the U.K. government, sold London’s Cumberland Hotel to London & Regional Properties Ltd. and Starwood Capital Group LLC to reduce its investment in hotels.

The transaction closed yesterday, RBS spokeswoman Aoife Reynolds said in a telephone interview today. Reynolds declined to confirm a report in Property Week magazine that the closely held purchasers paid almost 215 million pounds ($324 million) for the 1,019-bedroom hotel at Marble Arch in central London.

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