David Michels goes back into hotel business – for more hospitality stories, see what the weekend papers say

16 April 2007 by
David Michels goes back into hotel business – for more hospitality stories, see what the weekend papers say

David Michels goes back into hotel business
Two of Britain's leading entrepreneurs are preparing to announce plans to float a hotel property group worth an estimated £2.5b on the London Stock Exchange. Richard Balfour-Lynn, the head of Marylebone Warwick Balfour, and Sir David Michels, former chief executive of Hilton Group, have teamed up with Bank of Scotland and Royal Bank of Scotland to pool between 60 and 80 hotels under the De Vere, Hilton and MarriottThe Times,](http://www.timesonline.co.uk/) 14 April

New openings blamed for FishWorks troubles
Restaurant group FishWorks has blamed a trebling of first-half losses on the cost of opening new restaurants in areas such as Chelsea and Notting Hill. In the six months to the end of January losses have almost trebled to £740,807 on turnover that has more than doubled to £6.18m. FishWorks operates a chain of 12 outlets. - [Daily Telegraph](http://www.telegraph.co.uk/), 14 April

£500m tranche of hotels up for sale A property fund managed by Goldman Sachs has put an estate of hotels managed by InterContinental Hotels Group on the market for an estimated £500m. Most trade under the Crowne Plaza and Holiday Inn brands and are located in Belgium, France and Italy. - [Sunday Times](http://www.sunday-times.co.uk/), 15 April

Hotel du Vin to build another Scottish hotel
Hotel du Vin has been given the green light to open a £7m hotel in Edinburgh, taking its investment in Scotland to more than £35m in the last year. Hotel du Vin's Scottish chief executive, Robert Cook, said planning permission had now been granted for the site and work will begin in the next month with an opening planned for 2008. - [Scotland on Sunday](http://scotlandonsunday.scotsman.com/), 15 April

Salad days for McDonald's
McDonald's has braced Wall Street for hearty first-quarter earnings, citing the strength of new US products such as "snack wrap" chicken sandwiches and growth in Europe and Asia. The world's largest restaurant operator also reported an 8.2% rise in underlying sales for March - well ahead of expectations. One analyst said adding salads to the menu was a "fantastic" move that helped McDonald's image. - [The Scotsman](http://www.scotsman.com/), 14 April

By Bob Gledhill

E-mail your comments to Bob Gledhill here.

[The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking