The management of the De Vere Hotel group has agreed to support the takeover offer presented by Alternative Hotel Group, for a total amount of 1,1 billion euros. AHG is an investment vehicle jointly owned by the Bank of Scotland and a number of investors, including directors from Marylebone Warwick Balfour, owners the Malmaison/Hotel du Vin hotel group. AHG chairman Richard Balfour Lynn said: ”De Vere is complementary to our existing hotel and conference business and we believe our considerable experience in leisure and property management will help develop the De Vere business”. The other contendant, Permira backed by the Royal Bank of Scotland is preparing an alternative option for the shareholders.
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