MWB delays Malmaison sale
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.
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By Christopher Walton
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