Mint Hotel reports revenue increase of 7% as group considers its future
Mint Hotel has reported revenues for 2011 so far to be 7% ahead of the same period last year.
The announcement comes as the city-centre hotel group renews its future options as a result of discussions with advisors JP Morgan Cazenove.
Last month it was reported that Mint, which was renamed from City Inn in November 2011, was close to being sold for around £575m. Three potential bidders were named as US private equity business Blackstone, property investor London & Regional, and a joint venture between Goldman Sachs' Whitehall Fund and private equity group TPGCapital of Texas.
Around half of the company is owned by Sandy Orr and his son David, and Donald McDonald. The other half is owned by Uberior Ventures, the property investment group operated by the Lloyds Banking Group.
The present owners are expected to remain involved in the management of the business, which saw the opening on 27 May of its first international hotel, the 553-bedroom Mint Hotel Amsterdam. In January David Orr told Caterer he expects the group to expand further into mainland Europe into key cities such as Paris, Rome, Milan, Madrid and Barcelona, as well as open a hotel in Edinburgh and a third one in London.
Mint Hotel has doubled its number of bedrooms in the past year with the opening of the 583-bedroom Tower of London hotel, which is regularly achieving midweek occupancy of 95%, and one in Amsterdam. The group now operates 2,783 bedrooms across eight hotels, with 1,500 employees.
David Orr, who announced today the appointment of David Shearer to the Mint Hotel board as a non-executive director, said: "The strategic review on future options for Mint, which we are undertaking with our advisors, JP Morgan Cazenove, is progressing well and the board is very positive about the future opportunities for the group."
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By Janet Harmer
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