De Vere Group sale expected

The De Vere Group, which is already close to agreeing a sale of its conference venues division for £230m, is considering selling its hotels too.

De Vere Group sale expected
De Vere Group sale expected

In a new development, Lloyds Banking Group is now looking to sell the De Vere Group and is preparing to hire JP Morgan to advise on options for selling off its hotels, worth an estimated £600m, according to the Sunday Times yesterday.

Meanwhile, De Vere Venues, the conference venues arm of the De Vere Group, is understood to be close to finalising a £230m sale this month – £70m less than the asking price. This comes nine months after De Vere Venues was put on the market for £300m.

The Starwood Capital Group, which acquired the Principal Hayley Group earlier this year, is understood to be the frontrunner in negotiations for the conferences division.

Last month The Grand hotel in Brighton, which was bombed by the IRA during the 1984 Conservative Party conference, was put up for sale for an estimated £50m in an attempt to reduce the group's debts.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
Cancellations and deferrals: How global agencies are reacting to coronavirus

Cancellations and deferrals: How global agencies are reacting to coronavirus

As IBTM APAC gets postponed, agencies tell C&IT what they are doing to meet the challenges posed by the outbreak.

IBTM APAC 2020 postponed over coronavirus

IBTM APAC 2020 postponed over coronavirus

Organisers have postponed the inaugural IBTM Asia Pacific due to the Coronavirus outbreak.

How are incentive budgets changing in 2020?

How are incentive budgets changing in 2020?

Budgets increases come despite fears over economic uncertainty, according to the State of the Industry 2020: Incentives report.

MGM Resorts takes action over massive data hack

MGM Resorts takes action over massive data hack

More than 10.6million guests have had their data leaked after the cyber attack, according to reports.

APAC planners still 'use manual processes' for most of their tasks

APAC planners still 'use manual processes' for most of their tasks

Australian and New Zealander event planners need a more technology-driven approach, according to new research by Cvent.

DICE launched to improve diversity at conferences and events

DICE launched to improve diversity at conferences and events

New charter aims to eliminate 'manels' and offers guidelines for making events more diverse, on and off stage.

Are experiential food and drink incentives on the rise?

Are experiential food and drink incentives on the rise?

Planners reveal what food and drink experiences clients are increasingly requesting, in the C&IT State of the Industry: Incentives report.

World’s most popular destinations for business travel revealed

World’s most popular destinations for business travel revealed

New research draws on official government flight data to reveal locations most popular with UK business travellers going overseas in the last year.

Top agencies speak out amid warnings the coronavirus response came ‘too late’

Top agencies speak out amid warnings the coronavirus response came ‘too late’

With reports that another key congress may be cancelled, agencies explain how they have been taking stock.

Delta commits $1 billion to become first carbon-neutral airline

Delta commits $1 billion to become first carbon-neutral airline

The airline makes 10-year commitment to mitigate all emissions from March 2020.

LATEST JOBS