The group said it is exploring a number of “exciting opportunities” to expand the Malmaison brand in Europe and the US – in particular it is exploring a number of key European cities, especially in Italy.
Unveiling interim results the group, which operates 26 properties under the two luxury brands, said that while the first half of the year had been “one of mixed fortunes”, market conditions were improving and that its strong brands, management teams, and focus on minimising costs and driving yields meant it was well placed to benefit from the upturn.
MWB has been cautiously optimistic that the market would pick up since Hotel du Vin and Malmaison both weathered the storm caused by airport closures, airline strikes and heavy snowfall in the spring. The group, which today said that the two businesses had performed "exceptionally well" in the conditions, cited tight cost control and the quality management team as the reason for the brand's resilience.
Occupancy
MWB said that despite the occupancy drops of 2 per cent to 75 per cent “importantly average room rates held up well, especially at Hotel du Vin which saw a 3 per cent increase to £112”. Malmaison room rates held firm at £100.
The group said it was pleased that its restaurants had performed resiliently, with revenues down “only” 3 per cent to £22.3m due to a combination of “great locations, excellent service, good value and well delivered menus”.
During the period the group sold its remaining stake in the Liberty retail business just off London’s Regent Street, producing £42m in cash for MWB shareholders.
Mark Stretton is editor of Big Hospitality's sister publication, M&C Report