Home Retail Aberdeen Malmaison sold in deal worth £16.1million

The company behind the Malmaison hotel in Aberdeen has sold the property in a £16.1million deal.

The hotel was sold by MWB to CIP Property in a deal to reduce its £100million debts.

MWB will now lease the Queen’s Road site back from CIP Property for an initial annual rent of £1.2million.

The move came after MWB struck similar deals for four of its Malmaison hotels in England for a total of £86.6million.

The group said yesterday the arrangement would not affect the operation of the 80-bedroom hotel.

MWB chief executive Richard Balfour-Lynn is quoted by the Aberdeen Evening Express: “The Malmaison and Hotel du Vin brands continue to show great resilience in the current economic climate and remain a firm favourite of our loyal customer base.

“We are now creating a platform to further expand our business both nationally and internationally.”

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