DALLAS Wyndham International has sold its Malmaison brand and hotel properties in England and Scotland to Marylebone Warwick Balfour Group Plc. for $112.5 million.
Wynhdam had made no secret of the fact that the brand was for sale; the Dallas-based hotel company has been aggressively selling-off non-core assets in order to focus on its upscale, domestic Wyndham-branded hotels. This year alone the company has divested itself of $300 million in assets.
“The price was attractive to both sides, and we plan to use the proceeds to reduce debt and to reinvest in our core businesses, said Fred Kleisner, president and CEO of Wyndham, who added that Wyndham would still be involved in developing new properties under the Malmaison brand.
Malmaison has properties in Leeds, Manchester, Newcastle, Glasgow and Edinburgh. Properties are also planned for Birmingham and London. (9/1/2000)