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A fully-owned British subsidiary of Frasers Centrepoint Limited (FCL) has successfully acquired two upscale hotel brands for £363.4 million (about S$760 million) from an affiliate of KSL Capital Partners, Frasers announced Thursday (18 June).
The ownership of the two hotel chains, dubbed as Malmaison and Hotel du Vin, was transferred to Frasers Hospitality UK Holdings Limited after it bought the entirety of Malmaison Hotel du Vin group (MHDV).
The group now owns the Malmaison and Hotel du Vin brands, which control 29 boutique hotels with a combined 2,082 rooms across 25 cities in the United Kingdom.
“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.” said FCL’s Group CEO Lim Ee Seng.
According to FCL, both hotel chains enjoyed healthy average occupancy rates of more than 80 percent in the past three years, while their Revenue Per Available Room (RevPAR) have exceeded that of their rivals.
Following the completion of the transaction, Frasers Hospitality’s portfolio now consists of 129 properties with more than 21,100 keys across 77 cities.
“With these two best-in-class lifestyle brands, we are on track to reach our goal of operating 30,000 keys by 2019,” added Choe Peng Sum, Chief Executive Officer of Frasers Hospitality.
Image: Malmaison Dundee (Source: Frasers)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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