The Times - June 30, 2007
Marylebone Warwick Balfour (MWB), the property group under attack from its biggest shareholder, has appointed advisers to sell its Malmaison and Hotel du Vin assets for more than £450 million, The Times has learnt.
Following the collapse of the sale of the assets to Vector Hospitality, MWB has retained Bank of America to find a new buyer. The hotels are expected to be acquired by a property investment firm on a sale and lease-back basis, with MWB continuing to manage them.
The deal with Vector was to have comprised 17 Malmaison and Hotel du Vin properties for £382 million plus a pipeline of seven further hotels for an additional £113 million, making a total of £495 million.
The property portfolio to be sold through Bank of America comprises the 17 original properties plus four more that are due to open in the next five months in Cheltenham, Reading, Cambridge and York.
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