in brief

Still time for Gresham

The group of investors looking to take over Irish hotel company Gresham has revised its offer for the company after being given another two weeks to make a formal bid.

The consortium was meant to have made its offer for Gresham by last Friday, but now has until 30 January to table a bid.

The group, thought to be made up of three Irish investors, including one hotelier, has also dropped its pre-condition that its offer would have to gain acceptance from at least 80% of Gresham's shareholders.

Menzies sell-off

Menzies Hotels has become the latest chain to rationalise its portfolio, having made the decision to offload its remaining three-star properties.

The Derbyshire-based hotel group has instructed agent Knight Frank to market the 33-bedroom Royal hotel in Scunthorpe, Humberside, and the 64-bedroom Anglo Swiss hotel in Bournemouth, Dorset. FPD Savill has been instructed to sell the 55-bedroom Royal Kings Arms hotel in Lancaster.

The move follows the successful disposal of the 34-bedroom Angel hotel, Market Harborough, Leicestershire, and the 74-bedroom Northwick Park hotel, Harrow, Middlesex, over the past month.