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UK’s first hotel REIT to float
By Helen Patenall
A hotel property company – to be called Vector – comprising 60 to 80 hotel properties worth around £2.5bn is reportedly set to float on the London Stock Exchange.
According to The Times, Richard Balfour-Lynn, chair of Marylebone Warwick Balfour, and David Michels, former CEO of Hilton Group, have joined forces with the Royal Bank of Scotland and HBOS to offer a considerable stake in an initial public offering (IPO).
The IPO is thought to include most of the De Vere, Hilton and Marriott portfolios, and may also feature the Malmaison and Hotel du Vin chains.
The company will then likely convert into a real estate investment trust (REIT) – a property firm which pays no income tax if the majority is distributed to shareholders as dividends.
REITs are already established in the US, Australia and France, but were only approved in the UK earlier this year.
Photograph: Hotel du Vin property, One Devonshire Gardens
A hotel property company – to be called Vector – comprising 60 to 80 hotel properties worth around £2.5bn is reportedly set to float on the London Stock Exchange.
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