Boutique brands, Hotel du Vin and Malmaison, have been sold to Asian-based hotel group, Frasers Hospitality, in a mammoth £363m deal.
Frasers Hospitality, a member of Singapore-based real estate company Frasers Centrepoint Group, has acquired the 29 hotels from an affiliate of KSL Capital Partners.
The move will see Frasers Hospitality portfolio increase to 129 properties across 77 cities around the world, as the company now ramps up its efforts to increase its presence in Europe.
Both Malmaison and Hotel du Vin have achieved occupancies of more than 80% over the last three years.
Now, the boutique hotels will now join the other brands that make up the Fraser group, including serviced residences Fraser Suites, Fraser Place and Fraser Residence and design-led hotels under the Capri by Fraser name.
Mr Lim Ee Seng, group CEO of FCL 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 and it propels Frasers Hospitality to be one of the leading hospitality players in this market.
Frasers Hospitality’s CEO, Choe Peng Sum says: “MHDV provides a tried and proven DNA in the boutique lifestyle segment for us. 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 by 2019.”