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LONDON-Whitbread has revealed the sale of its 255-year-old Chiswell Street brewery site to a conference group for euro 81 million ($98.32 million). The sale forms part of a planned disposal of euro 1.9 billion ($2.3 billion) of assets, including the Marriott hotel chain.

The brewery, situated in the City of London and opened by founder Samuel Whitbread in 1750, is now used as a conference and banqueting facility. It was sold to the Earls Court & Olympia Group. Whitbread is trying to reposition itself as an operator of restaurants and budget hotels, such as its Premier Travel Inns, and is also disposing of its 52 UK Marriott luxury hotels and its stake in the Britvic drinks business.

The hotels, which have a total of 8,000 rooms, have an estimated price tag of euro 1.6 billion ($1.9 billion). They are being packaged as a sale-manageback in three tranches. Portfolio A is made up of 19 hotels, including London Heathrow Marriott and London Kensington Marriott. Portfolio B comprises 17 hotels, including London Marriott County Hall in London and two Renaissance hotels. Portfolio C is the Marriott country club package comprising nine country clubs across the country. The hotel sale is being handled by CB Richard Ellis.

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