Marylebone Warwick Balfour Group revealed good half-year results today, thanks to a storming performance from its hotel division.
The company, which controls the Malmaison and Hotel du Vin chains, AIM-listed shopping centre chain Liberty and AIM-listed serviced office company MWB Business Exchange, revealed a 72% rise in adjusted net asset value to 318p a share.
MWB said that NAV was boosted by an increase in value of the hotel portfolio, which jumped £163.5m to £553m.
The company was hit by the collapse in June of the proposed float of Vector Hospitality, a company formed by its chief executive Richard Balfour-Lynn. Vector had hoped to buy MWB’s hotels. .
The failed float saw MWB Group incur a one-off charge of £4.6m, leading to a pre-tax loss for the period of £3.8m.
Last week MWB confirmed that renewed attempts to sell the hotel portfolio, organised by Bank of America, had been put on ice.