Press Releases

One Devonshire Gardens acquired by Malmaison Holdings

26 May 2006

Malmaison Holdings Ltd, owner of the UK's leading lifestyle hotel brands, Hotel du Vin and Malmaison, has entered into an exclusivity agreement to purchase the renowned hotel, One Devonshire Gardens in Glasgow, for an undisclosed figure thought to be in the region of £9 million pounds.

The hotel will be re-branded and operate within the Hotel du Vin stable, the award winning hotel group founded in Winchester in 1994.

Christie + Co Director, David Reid was instructed by Citrus Hotels to handle the sale just five weeks ago. Malmaison Holdings is believed to be one of eight parties to submit offers for the business in response to Christie + Co’s deadline. “One Devonshire Gardens is one of Scotland’s finest hotels and we were able to identify a number of potential purchasers within a very short space of time,” confirms Mr Reid. “I am sure One Devonshire Gardens will continue to flourish under the ownership of Malmaison Holdings.”

Hotel du Vin and Malmaison Chief Executive, Robert B Cook, a true Scot, said, "This is an outstanding acquisition for Hotel du Vin. What better way to introduce the brand to Scotland than by having One Devonshire Gardens as its launch pad." Next year Hotel du Vin will open in York and Cambridge complementing hotels in Brighton, Bristol, Birmingham, Henley on Thames, Harrogate, Winchester and Tunbridge Wells. Negotiations are also underway in Newcastle, Edinburgh and another Scottish University town.

Said Cook “One Devonshire Gardens has a charm, international reputation and unique character of its own, which will blend successfully with Hotel du Vin’s exceptional qualities. We all respect the heritage of One Devonshire Gardens and its place in Scottish hospitality. When we re-launch in the autumn, I intend to name the property Hotel du Vin at One Devonshire Gardens and so continue to give Glasgow and Scotland a hotel, it can continue to be truly proud of."

It is hoped that the completion of the purchase of One Devonshire Gardens will be undertaken within 4 to 6 weeks.

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For further information on this press release, please contact: Lorna Byrne at Christie + Co. Tel: 020 7227 0797 or 07734 856836. lorna.byrne@christie.com

Further information on One Devonshire Gardens
One Devonshire Gardens was Ken McCulloch’s first hotel. He established the business in July 1986, before going on to launch the first Malmaison hotel in Edinburgh in 1994. When Citrus Hotels Limited, primarily a London based property company, bought One Devonshire Gardens in 2002, it had a good reputation but required investment. Currently trading with 35 beautiful en suite rooms (many of them suites), the hotel trades in Houses 1, 2, 3 and 5 and the largest restaurant is currently leased to Room. The hotel also has its own resident restaurant, No 5. Citrus Hotels now also owns the whole of House 4, which is undeveloped but provides an outstanding opportunity for new owners to bring the hotel up to 50 rooms and perhaps install an upmarket spa.

Recent Awards:
Travel & Leisure 'World's Best Awards' - Top 500 Hotels Worldwide 2006
Glasgow Hotel of the Year - Scottish Hotel of the Year Awards 2005
Condé Nast - Most Excellent City Hotel in the UK 2005
Condé Nast Traveller - Gold List Hotel 2005
Condé Nast Traveller - Top 40 European Hotels 2005
Travel & Leisure 'World's Best Awards' - Top 50 European Hotels 2005
Condé Nast Bride - Listed in the Top Five Hotels for Weddings in the UK 2005 Glasgow's only AA Red Star Hotel - Top 200 Hotels UK & Ireland 2005

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