Marylebone Warwick Balfour (MWB) today revealed it has delayed the sale of Malmaison and Hotel du Vin until financial conditions become more stable.
It was thought that a deal was close to completion, but in a statement to shareholders, the MWB board announced that it had "delayed the sale of the group's Malmaison and Hotel du Vin property portfolio and business as a result of the current uncertainties in the markets".
MWB appointed the Bank of America to find a buyer for the hotel chain in July after the failure of Vector Hospitality to float as a Real Estate Investment Trust (REIT) and to acquire the properties.
Last month it was reported that the Prem Group, Ireland's largest hotel developer, were the front-runner after a £685m bid.
MWB currently has a pipeline of six new sites expected to be open by autumn 2008, lifting the entire portfolio to 27 hotels.
By Christopher Walton
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