Malmaison group boosts profits for MWB

29 September 2005
Malmaison group boosts profits for MWB

Boutique hotel chain owner Marylebone Warwick Balfour reported a 51.6% increase in underlying profitability from £15.9m last year to 24.1m in 2005.

Malmaison turnover was up 15% on a like-for-like basis from £37.6m to £38.7m, including its new Belfast hotel, for the 12 months ending 30 June 2005. Its average room rate was more than 100 for the year, with occupancy at 78%.

Hotel du Vin achieved an average room rate of 110, with occupancy up one percentage point to 82% on the year.

Robert Cook, chief executive of Malmaison, said it would become a 25-strong hotel group within the next five years.

He added that it would cement its position as the "UK's leading lifestyle boutique hotel business".

MWB's gross property assets were revalued to £583m, down from £594m in 2004 following the disposal of over £150m of assets and the acquisition of Hotel du Vin for £65m.

For the second year running Hotel du Vin was named Best UK Hotel in the Guardian Observer Travel Awards 2005.

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