Malmaison could be plc by 2008

The high-end hotels, owned by listed property group Marylebone Warwick
Balfour, recently raised £105m for an expansion from 16 to 25 hotels.The move
was part of a plan that would see an exit for investors after five years.

‘Realistically, the way we are going, it’s closer to being three and a half
years,’ Paul Nisbett, Malmaison and Hotel du Vin’s finance director, told
Accountancy Age this week in an interview.

‘Four hotels are under construction and we have negotiations with at least
three more sites. It’s looking like the latter part of 2008/09 when we will be
close to having the full complement.’

MWB paid a total of £76m for Malmaison in 2000, comprising £65m for the
property and business and £11m for worldwide expansion rights. The Hotel du Vin
group was added to the chain for £66.4m in 2004. The combined hotel group
announced combined turnover of £57m for the year to June 2005, and earnings
before interest, tax, depreciation and amortization (EBITDA) of £16m.

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