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QMH puts nine hotels on market

27 April 2005

Queen's Moat Houses has put nine of its UK hotels up for sale today.

The hotel company announced the properties are to be sold free of their Moat House branding and management.

On the market are its hotels in Bedford, Birmingham (West Bromwich), Cardiff, Harlow Stansted, Dartford (Thurrock Lakeside), Northampton, Nottingham (Mansfield Road), Telford and Watford.

The sale is being handled by Christie & Co. QMH has more than 80 hotels in the UK, Germany and the Netherlands. It ceased trading on the London Stock Exchange in November last year following its takeover by Goldman Sachs-owned property financier Whitehall 2001.

It was nearly capsized by an accounting scandal more than 10 years ago that saddled it with enormous debts. Its £640m debt has now been reduced to £71m and Whitehall 2001 has assumed responsibility for the group's £250m mortgage debenture.

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