Hospitality company Whitbread PLC announced Monday they will sell Marriott UK hotels, which will allow the company to focus on its Premier Travel Inn budget hotels, David Lloyd heath clubs and restaurant chains, Sky News reported.
The sale will raise nearly £1 billion.
Marriott International – the U.S. division of the company – will hold the hotels until the sale is final. Marriott International is set to create a joint venture with Whitbread.
Marriott International will receive more than £500,000 on the joint venture.
Shareholders will receive more than £380 million through a special dividend of close to £1.25 per share, Sky News reported.