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PanBlaze Hospitality
PanBlaze Hospitality
Posts : 63
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Join date : 2011-08-19
Age : 31
Frasers Hospitality of Singapore buys Hotel du Vin

Frasers Hospitality of Singapore buys Hotel du Vin Meeting_Fraser

Hotel du Vin and Malmaison, which operates 29 boutique hotels across the UK, has been bought by Frasers Hospitality, the Singaporean serviced apartments group, for £363m.

The hotels had been owned by the KSL Capital Partners, the US private equity group, which bought them in 2013 in a deal thought to have been worth close to £200m.“This acquisition is important as it doubles our offerings in Europe to about 4,000 rooms,” said Lim Ee Seng, the chief executive of Frasers Centrepoint, Fraser Hospitality’s parent company.

Frasers said Hotel du Vin and Malmaison had a “tried and proven DNA in the boutique lifestyle segment”. The hotels had performed well, it said, with occupancy rates above 80 per during the past three years, earning higher revenues per available room than peers. Malmaison has won best small hotel chain at the Business Travel Awards for four years consecutively.

In the year to June 30 2014, the hotels’ turnover rose 5.1 per cent to £119.9m but refinancing costs and a revaluation of the group’s assets left a pre-tax loss of £23.8m.

Under KSL’s brief ownership, the group spent £3m converting a hotel in St Andrews into a Hotel du Vin, opened a Malmaison in Dundee and bought Cannizaro House on Wimbledon Common for close to £20m. Next year there are plans for a Hotel du Vin in Stratford-upon-Avon.

Before being taken over by KSL, the hotels had been owned by MWB Group, which collapsed into administration in 2012. Founded in 1994, the group had a history of poor financial discipline before the arrival of Gary Davis as chief executive in 2012. 

Courtesy Finacial Times
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