The Caterer

QMH sells its Sloane Square hotel

02 June 2004
QMH sells its Sloane Square hotel

Troubled hotel group Queens Moat Houses (QMH) has signed a deal to sell its 105-bedroom hotel in London's Sloane Square.

The hotel is being bought by Sloane Square Hotel, a consortium of private investors, for £12.35m. The deal is expected to complete before 30 June. Proceeds from the sale will be used to repay some of QMH's massive £640m debt.

During the year ended 29 December 2002 the hotel generated profit of £1m on a turnover of £3.1m. At that time the property had a book value of £10.5m.

QMH is in the final stages of an auction of its entire portfolio, but last week's purchase of a 19% stake by a consortium involving investment bank Goldman Sachs and US hotel company Westmont Hospitality is understood to have blocked the sale.

Source: Caterer & Hotelkeeper magazine, 3 June 2004

The Caterer Breakfast Briefing Email

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

Sign Up and manage your preferences below

Thank you

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