The acquirers will have to provide $398.56 million (pounds 202.7 million) in shareholders' capital for the purchase, according to a Delek statement filed with the Tel Aviv Stock Exchange. The seller, Royal Bank of Scotland, is also financing the deal. The financing entitles the bank to 20% of the profits from the sale of the hotels in the future, according to the filing.

Marriott has agreed to continue managing the hotels for 30 years and may extend the deal by 10 years. Delek Belron International's stake in the portfolio will be 17%. It did not name its partners, but published reports have mentioned Electra Real Estate and businessman Egal Ahouvi.

Delek Belron is a subsidiary of Delek Real Estate that invests in real estate development and revenue-producing properties in western countries. Delek Real Estate is 90.5% owned by Delek Group, a publicly held conglomerate with holdings in energy, automotive and real estate.

The Royal Bank of Scotland acquired the Marriott portfolio from leisure giant Whitbread in April 2006 for pounds 951.4 million. At the time of that deal, the price equated to US$1.7 billion; it now equates to $1.88 billion.