UK hotel chain denies sale rumours
City centre hotel chain Mint confirmed just weeks after opening its second London property, The Tower of London Mint Hotel, that it is seeking a new partner to help roll out the brand across Europe.
The chain, which has six other UK properties including one in Westminster and others in Birmingham, Bristol, Glasgow, Leeds and Manchester, underwent a major rebrand last year when it changed its name from City Inn.
Reports in the Telegraph suggested the chain was about to be put up for sale by joint owners Lloyds Banking Group and the Orr family for an estimated £550m, but chief executive David Orr insisted the group was looking instead for a ‘strategic partner’.
He told TravelMole: "Why would we want to sell something we have spent 12 years building as a business and a brand completely from scratch, especially as we have shown at Tower what our new hotels can be and are just getting going in Europe."
Mint has appointed advisers regarding its strategic options, he said, adding: "We have exciting plans for our business. The strength of the business model has proved its value as we have continued to grow and performed well through the economic cycle."
Mint will open its first overseas hotel in Amsterdam this spring. "With the expected completion of our Amsterdam hotel we believe it is the right time to take advantage of the significant opportunities we have to roll out the Mint brand across Europe," added Orr.
The chain is believed to have debts of around £500m.but it said independent valuations of the business were significantly more than the £550m stated in the Telegraph report.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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