Singapore’s Frasers Centrepoint to buy UK boutique hotel operator for $572 mn

Singapore-listed property firm Frasers Centrepoint Ltd (FCL) yesterday struck a deal to buy a UK boutique hotel operator for £363.4 million ($571.8 million), to expand its hospitality portfolio.

FCL, a wholly-owned subsidiary of Fraser & Neave, acquired MHDV Holdings (UK) Ltd, the owner of 29 upscale boutique hotels in 25 cities in the UK, from US private equity firm KSL Capital Partners.

MHDV UK and its subsidiaries the Target Group own and operate two upscale boutique lifestyle brands, namely Malmaison and Hotel du Vin, comprising 29 boutique lifestyle hotels with 2,082 keys located across 25 cities in the UK.

Founded in 1994, the Target Group has developed a unique collection of premier boutique hotels throughout the UK, specialising in the conversion and repositioning of iconic heritage buildings to capture the upmarket segment of leisure and business travellers.

FCL is one of Singapore's top property companies with total assets above S$22 billion as at 31 March 2015.

FCL has four core businesses focused on residential, commercial and hospitality and industrial properties spanning more than 77 cities across Asia, Australasia, Europe, and the Middle-East.

Frasers Hospitality has interests in and/or manages serviced residences under the branded lifestyle offerings of Fraser Suites, Fraser Place, Fraser Residence, Modena by Fraser and Capri by Fraser, offering more than 11,000 apartments and hotel rooms in over 35 cities.