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Chain's owner doubles money

Malmaison again under new ownership in £363m deal

MalmaisonThe Malmaison boutique hotel chain which was launched more than 20 years ago by Glasgow hotelier Ken McCulloch has been sold as part of a £363 million deal.

 

Frasers Hospitality UK Holdings, a subsidiary of Singapore-based property company Frasers Centrepoint, has bought the Malmaison Hotel du Vin group from US venture capital firm KSL Capital Partners which has doubled its money after acquiring the business just over two years ago for £180m.

KSL bought the business after former owner MWB Group Holdings fell into administration.

Mr Lim Ee Seng, group chief executive of Frasers Centrepoint, said: “(Our) 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’ global interests include serviced apartments in Edinburgh and Glasgow.

Ken McCullochMr McCulloch (left) opened his first Malmaison in Leith (main image) in 1994 in collaboration with Surrey-based hotel business Arcadian International and the Maclay Murray and Spens lawyer Michael Walker. A second hotel opened in Glasgow a month later.

The chain expanded rapidly in what was a new sector of the hotel industry and it attracted the attention of celebrity investors including Mick Hucknall of Simply Red.

Mr McCulloch, who later relocated to Monaco, went on to create a number of bars and restaurants, including One Devonshire Gardens in Glasgow and the Dakota hotel brand with former Formula One driver David Coulthard.

Hotel du Vin was founded in Winchester in 1994 by sommelier Gerard Basset and hotel manager Robin Hutson.

 

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