London-based property investment company Marylebone Warwick Balfour (MWB) has appointed Bank of America to sell its Malmaison and Hotel du Vin portfolios following the failure of Vector Hospitality to list on the stock exchange and to acquire the UK hotel assets for £495 mln (EUR 735 mln).
London-based property investment company Marylebone Warwick Balfour (MWB) has appointed Bank of America to sell its Malmaison and Hotel du Vin portfolios following the failure of Vector Hospitality to list on the stock exchange and to acquire the UK hotel assets for £495 mln (EUR 735 mln).
Vector Hospitality was forced to cancel its IPO last month due to lack of investor interest. Even a hefty cut in the launch price of Vector's shares failed to garner enough interest in its plans to launch the first hospitality real estate investment trust (REIT), valued at EUR 3 bn.
MWB's board confirmed on 20 June that it would sell the hotels on the open market if Vector proved unable to complete the acquisition by end-June.
