Malmaison and Hotel du Vin bid made

Marylebone Warwick Balfour (MWB) has reportedly received a £685m bid for the Malmaison and Hotel du Vin chain from an Irish bidder.

According to a report in Estates Gazette the PREM Group, Ireland's largest hotel developer, is tipped as the prospective buyer.

MWB appointed the Bank of America to find a buyer for the hotel chain early last month after the failure of Vector Hospitality to float as a Real Estate Invesment Trust (REIT) and to acquire the properties.

The 21 hotels are expected to be bought by a property investment firm on a sale and leaseback basis, with MWB continuing to manage them.

Malmaison and Hotel du Vin in search of buyer >>

No rush for REITs after Vector failure >>

Malmaison owner denies accusations of Vector mismanagement >>

By Tom Vaughan

E-mail your comments to Tom Vaughan here.