The De Vere Group is close to agreeing a £230m sale of its conference venues, according to The Times, which also reports that De Vere is preparing to hire JP Morgan to advise it on options for selling off its hotels, which are worth an estimated £600m.
According to The Times Starwood Capital, the owner of rival Principal Hayley Group, is expected to purchase the De Vere Venues business for an estimated £230m, which is £70m below the initial £300m price tag. In April CN reported that De Vere was looking for a buyer for its conference business after a number of “unsolicited approaches from interested parties”.
Following the anticipated sale of De Vere Venues, JP Morgan is expected to look at options for selling off the company’s other two businesses, De Vere Hotels and De Vere Village Urban Resorts, over the next 12 to 18 months.
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