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Mint Hotel Group may be put for sale by its owner

Lloyds Banking Group may try to sell Mint Hotel Group in the nearest future. The forecasted sale price is around £550 million. Mint Hotel is the new brand as this name appeared just in November 2010. However, the hotels operating under this brand name work for a long time as previously Mint Hotels have been known as City Inn hotels.

Lloyds has acquired this group during the recent takeover of HBOS PLC. It’s reported that the sale will be concluded through JP Morgan Cazenove. No information about potential buyers is available at the moment. According to the Telegraph, Lloyds will issue an information memorandum within several weeks. With its help prospective buyers will be able to know more about financial details and contact both the owner and the investment bank.

Mint Hotels is currently not in the best state, as the brand’s debts approach to £500 million. Such huge debt is the result of opening new properties by the brand. In December 2010 the company opened the 583-key Mint hotel in London and then the 533-key Mint hotel in Amsterdam. The cost of these accommodations in Europe estimates £285 million.

The main distinct feature of this brand is in offering new and innovative services to guests. Mint hotels try to provide clients with high-quality service at good value. All hotels by the Mint brand feature free Wi-Fi and Apple iMacs in each guestroom.

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