Also visit: mashmedia.net | c-mw.net | exhibitionnews.co.uk | exhibitionworld.co.uk
Search

Puma in danger of becoming hunted hotel species

Share
article:
Share on LinkedIn Email Print View
Hinckley Barcelo Puma Hotels, which owns 20 regional hotels, is coming under pressure on the financial markets after auditors Deloitte expressed doubts over its ability to continue as an ongoing concern.

Spanish hotel operator the Barcelo Group had paid a £20m termination fee in April to discontinue its lease agreement in what was widely perceived as a clash over rent.

The chain’s portfolio includes the 70-room Lygon Arms in Broadway, Hinckley Island (pictured) and the 180-room Imperial Hotel in Blackpool.

Puma has since taken on the management of the portfolio inhouse under the old Paramount name, but since written down the value of the hotels from £458.4m to £213.5m.

Half-year results released on 14 September revealed hotel revenues and occupancies fell slightly.

Financial analysts say the problem for the new management team is that the latest valuation is below the level of Puma’s borrowings of £330m, most provided by Irish Bank Resolution Corporation (formerly Anglo-Irish Bank).

Howard Shore, Chairman of Shore Capital, founded the original hotel business, then called Dawnay Shore Hotels, eight years ago, in a joint venture with Dawnay Day. Dawnay Day subsequently went bust and shares in the holding company that now owns 49.9 per cent of Puma, have fallen 98 per cent in the past year.
 
Do you have news for CN? Email: pcolston@mashmedia.net

17 Sept 12

Prime Minister backs #NEMO
As National Events Month October (#NEMO) moves into its final week Prime Minister David Cameron once again gave his backing to the campaign in a letter, wishing it... ...read more
Motivate Europe Live attracts key industry players
A host of key players in the incentive, reward and recognition industry have signed up to exhibit at the inaugural Motivate Europe Live exhibition. The two-day event... ...read more
MPI launches hosted buyer programme for EMEC
Meeting Professionals International (MPI) is launching a hosted buyer programme at the 2015 edition of its European Meeting and Event Conference... ...read more
British Council explores Brighton’s quirky side
VisitBrighton Convention Bureau last week showcased some of the city’s quirkier venues to representatives of the British Council, who were checking out unusual... ...read more
Europcar opens new Excel shuttle bus service
Car rental specialist Europcar has continued its investment in its mobility centre at Excel London, with the addition of a shuttle bus service.... ...read more

News Archive
Partners & Associations
I.C.C.A
Conference Centres of Excellence
Meetings Industry Association
VENUEmasters
International Confex
Conference and Meetings World
Conference News - Online
Conference News Supplement - Online
Mash Media
Home | News | Features | Blogs | Events Diary | Recruitment |Directory | Subscribe | Print Magazines | Contact Us
© 2008 - 2014 Mash Media Group