Frasers Hospitality Great Britain Holdings, a subsidiary of Singapore-based property company Frasers Centrepoint Limited (FCL), has bought the Malmaison Hotel du Vin cluster of hotels from North American nation venture capital firm KSL Capital Partners that had solely nonheritable the business simply over 2 years past.Malmaison, founded by Scots-born building guru Ken McCulloch, operates sites in Aberdeen, Dundee, Glasgow and capital, and Hotel du Vin has bases in capital, Glasgow and St Andrews.
The acquisition doubles the number of Frasers cordial reception rooms in Europe to concerning four,000 and expands the company’s portfolio to 129 properties in 77 cities with twenty one,100 rooms.
Both Malmaison and building du Vin, with 2,082 rooms between them, achieved average occupancies of more than eighty per cent for the last 3 years.
Frasers cordial reception chief govt Choe Peng add said: “The purchase of Malmaison and building du Vin absolutely enhances our complete portfolio and provides Frasers Hospitality a platform to expand into the quickest growing cordial reception sector. We look forward to assembling on this success with future development within the Great Britain, Europe and Asia.
Frasers’ global interests embody a variety of repaired flats in capital..
“This acquisition is important because it doubles our giving in Europe and propels Frasers cordial reception to be one in every of the leading cordial reception players during this market.”The company had been a exchange darling before the economic condition hit but designed up debts of over £200m. MWB was set up by Richard Balfour-Lynn in 1994 as a serviced workplace associate degreed property investment trust and had nonheritable an eighty two per cent stake in Malmaison in 2001 A.D.
The Malmaison chain was the originally the creation of McCulloch. He opened his first Malmaison in Leith in 1994 in collaboration with Surrey-based building business Arcadian International. A second hotel opened in city a month later.
Patriot cordial reception America, which owns the Wyndham and Grand Heritage building names, had bought Arcadian in 1998 in a deal under that McCulloch is known to possess received over £37m for his stake within the Malmaison venture.
McCulloch had begun his career at British as an apprentice Transport Hotels in 1964, and went on to create variety of bars and restaurants, including One Devon Gardens in city. He later set up the Dakota hotel complete with David Coulthard.
Hotel du Vin had been supported in Winchester in 1994 by wine steward Gerard Basset and building manager Robin Hutson.
Read more: http://www.scotsman.com/business/companies/media-leisure/malmaison-and-hotel-du-vin-change-hands-in-363m-deal-1-3805433#ixzz48md4AUtQ
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