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Macdonald Hotels' joint bid for QMH
Macdonald Hotels is considering launching a joint bid for the UK assets of troubled hotel operator Queens Moat Houses (QMH) reports The Scotsman.
The Scottish hotel group has teamed up with private investors David and Simon Reuben and Bank of Scotland to put together a £350m package for QMH shareholders.
QMH shares were suspended in August 2003 after a £630m debt pile forced the hotel group to launch a strategic review of its operations.
If the joint bid is successful, Macdonald has also been earmarked for the chain’s operational duties. However, some industry insiders expect Macdonald’s bid to be matched or beaten before an official QMH auction is held.
Investment bank Morgan Stanley is currently in the process of gathering interest in QMH’s hotel divisions in the UK, Holland and Belgium. So far, it has sent out around 100 invitations for individuals and companies to express any interest in QMH.
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