Sun, 21 Apr 2013 | BUSINESS SALE
Lloyds banking group is mulling over the possible sale of Menzies Hotels, a group of 15 mid-range hotels spread across the UK from Aberdeen to Bournemouth.
According to a recent report in the Sunday Times, the bank is in discussions with several potential advisers and would be hoping to achieve a sale price of up to £100m. It inherited the group of hotels after the ill-fated takeover of HBOS in January 2009, the height of the credit crisis.
Menzies Hotels completed a rebranding in 2012, with a mission to become the one of the leading 4 star hotel groups in the country. Late last year the group announced plans to spend £7m refurbishing several of its properties, including a £2.2m makeover for its flagship Menzies Welcombe Hotel Spa & Golf Club in Stratford-upon-Avon.
Lloyds has been selling off several hotel and conference assets lately, most notably the Principal Hayley and Mint chains. It has obviously been decided that exposure to the hotel industry is excessive. Lazard has recently been hired by De Vere Group, whose main lender is Lloyds, to locate a buyer for its conference centre division, De Vere Venues, which is valued at around £280m.
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