Lloyds to Sell Mint Hotels for $865m

16th January 2011 (Last Updated January 16th, 2011 18:30)

Lloyds Banking Group and the Orr family are to sell the recently rebranded Mint Hotels for £550m ($865.8m). Mint Hotels was founded as City Inn in 1995 and was rebranded in November 2010. It is one of the hotel companies inherited by Lloyds after the acquisition of HBOS. Min

Lloyds Banking Group and the Orr family are to sell the recently rebranded Mint Hotels for £550m ($865.8m).

Mint Hotels was founded as City Inn in 1995 and was rebranded in November 2010. It is one of the hotel companies inherited by Lloyds after the acquisition of HBOS.

Mint has an estimated debt of £500m ($782m). Lloyds also owns an equity stake of close to 50%, which is held by Uberior Ventures, the HBOS subsidiary through which it held its stakes in property joint ventures, according to telegraph.co.uk.

Mint recently added its seventh hotel, the 580-room Tower of London, to its portfolio of UK hotels and is completing its eighth property, a 550-room hotel in Amsterdam, Netherlands.

The company invested £150m ($236m) in the London property and £135m ($212m) in the Amsterdam hotel.

The bank was instrumental in restructuring hotel chains including the Rocco Forte Collection, MacDonald Hotels, De Vere-Alternative Hotel Group, Principal Hayley and Menzies.