The Malmaison Hotel du Vin group of boutique hotels have been sold for £363 million to an Asian hotel group.
Frasers Hospitality UK Holdings, subsidiary of Singapore-based real estate company Frasers Centrepoint Limited (FCL), has acquired the 29 hotels from an affiliate of KSL Capital Partners.
The acquisition doubles the Frasers Hospitality room stock in Europe to about 4,000 rooms and expands the company’s portfolio to 129 properties in 77 cities with 21,100 rooms.
Both Malmaison and Hotel du Vin, with 2,082 rooms, achieved average occupancies of more than 80% for the last three years and claim superior revenue per available room against their peers.
Lim Ee Seng, chief executive of FCL Group, said: “FCL’s strategy remains focused on achieving balanced growth across asset classes and diversifying our earnings profile.
“This acquisition is important as it doubles our offerings in Europe to about 4,000 keys [rooms] and it propels Frasers Hospitality to be one of the leading hospitality players in this market.”
Frasers Hospitality chief executive Choe Peng Sum added: “The purchase of Malmaison and Hotel du Vin perfectly complements our brand portfolio and gives Frasers Hospitality a platform to expand into the fastest growing hospitality sector.
“We look forward to building on this success with future development in the UK, Europe and Asia.
“With these two best-in-class lifestyle brands, we are on track to reach our goal of operating 30,000 keys [rooms] by 2019.”