Lloyds may put Mint Hotel group on market for £550m

EDINBURGH Mint Hotel, the former City Inn brand that relaunched with the new name in November, may be put on the market soon by owner Lloyds Banking Group.

Lloyds, which acquired the seven-property Mint portfolio in its recent takeover of HBOS PLC is aiming to fetch £550 million for the group. JP Morgan Cazenove has been appointed to manage the sale.

An information memorandum for prospective buyers is expected to be issued over the next few weeks after the joint-owners appointed investment bank to handle the sale, The Telegraph reports.

Mint’s debts are thought to total around £500 million, due in part to the December opening of the 583-key Mint Hotel Tower of London and the upcoming debut of a 533-key property in Amsterdam. The two projects cost an estimated £285 million combined.

The company bases its reputation on offering quality, innovation, outstanding customer service and good value. Mint hotels offer Apple iMacs in every room and free WiFi.