Growth at Malmaison and Hotel Du Vin has not suffered in the first six-months of the year despite the failure of parent company Marylebone Warwick Balfour (MWB) to find a buyer for the boutique hotel chains.
Turnover from its 21 hotels rose 14.5% to £41.9m (2006: £36.6m) in the period, which included four new hotel openings.
Average occupancy for the period stood at 77% with the average room rate rising by 6% to £115.
Malmaison and Hotel Du Vin, which will open five new hotels within the next year, saw its property portfolio appreciate to £553m from £349m six months ago..
Chief executive Robert Cook said: “Both businesses demonstrate that well managed brands can expand and grow profitably without diluting their underlying value. With the operational evidence of the third quarter, I look forward to the remainder of the year with confidence.”
Four buyers are believed to still be in the running for Malmaison and Hotel du Vin but have missed the final deadline because they need more time to raise funds from lenders.
MWB had originally hoped to sell the hotels by 14 September after the failure of hospitality real estate investment trust, Vector.
But last week the MWB board announced it had delayed the sale of the group's Malmaison and Hotel du Vin property portfolio as a result of the current credit crunch.
MWB delays Malmaison sale >>
Malmaison and Hotel du Vin bid made >>
Malmaison and Hotel du Vin in search of buyer >>
Malmaison owner denies accusations of Vector mismanagement >>
By Christopher Walton
E-mail your comments to Christopher Walton here.
| | Newswire
For the latest hospitality news, sign up for our e-mail news alerts. | |