Rezidor SAS Hospitality, a wholly owned subsidiary of the SAS Group, today announces that it has sold its 50% interest in the brand, as well as the management of the mid-market lifestyle hotel group Malmaison for approximately MSEK 180 to Marylebone Warwick Balfour Group Plc (MWB) of which MSEK 80 refer to the book value of the brand and MSEK 100 as compensation for terminated management contracts. Furthermore, MWB has repaid a loan of MSEK 230 from Rezidor SAS.
This is a strategic decision in order to prepare Rezidor SAS for a new streamlined brand structure, which is planned to be introduced later this autumn.
Rezidor SAS Hospitality purchased the brand and rights to the expansion of Malmaison from Wyndham International in 2000. This was achieved through the formation of a joint venture company between Rezidor SAS Hospitality and the UK property company Marylebone Warwick Balfour Group Plc (MWB).