MBI International News & Press: 31/01/2006
MBI International Acquires Scotsman Hotel Group (SHG) in deal worth in excess of £60 Million
MBI International Acquires Scotsman Hotel Group in deal worth in excess of £60 Million.
MBI International, a $3.8 billion multinational company with strong interests in the Middle East and Europe, acquires The Scotsman Hotel Group (SHG) in a deal worth £63 million today 31 January 2006. SHG comprises three boutique hotels; The Scotsman in Edinburgh, 42 The Calls in Leeds and the Hotel de la Tremoille in Paris. SHG was originally launched in 1999 with £90 million ($159 million) invested.
MBI International is an established presence in the luxury hotel sector in Europe and the Middle East through its subsidiary JJW Hotels & Resorts. It currently owns & operates an unrivalled portfolio of 55 hotels from economy brands to Luxury in some of the world's most sought after locations, including London, Paris, Cannes, Vienna, Algarve and Cairo.
Commenting on the acquisition, Chairman and CEO of MBI International, Mohamed Bin Issa Al Jaber said:
"We are delighted by this acquisition which expands our operations in the UK and France and advances the groups focus on the development of our activities in the luxury sector".
MBI International anticipates considerable additional investment in The Scotsman Hotel, including the expansion of the number of bedrooms and the hotel's successful spa, Escape Health Club & Cowshed Spa.
The new owner intends to create a stand alone portfolio of intimate luxury hotels across Europe, which could see SHG joining the prestigious Berner's Hotel in London, which is currently under going a £32 million refurbishment.