MWB Group Holdings, a U.K. property group, is extending the majority of a £282.5 million facility for its boutique hotel business Malmaison till the end of December 2014, PropertyEU reports. Bank of Scotland, Royal Bank of Scotland and Riverland have provided the refinancing.
The refinancing, along with the £100 million proceeds from recently declared sale-and-leaseback deals of five hotels, will decrease Malmaison’s debt to some £180 million. MWB has also signed a deal with RBSM Investments, the present owner of 17.5 percent of Malmaison, under which MWB will pay a higher preferred return to RBSM in exchange for 100 percent of the future residual economic worth of the business.
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Malmaison MWB Group Holdings U.K. RBSM Investments Royal Bank