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

Travel warning over new counter terror rules
Stringent new travel rules will put pressure on event organisers, an agency boss has... ...read more
Fast Forward 15 applications open until 27 February
The rising stars of hospitality have one month left to apply for Fast Forward 15, the female-focused mentoring scheme designed to nurture and inspire the sector’s... ...read more
New faces boost Liverpool’s exhibition team
A city conference centre has boosted its exhibition sales... ...read more
Lone Star flag flying over Jurys Inn after £680m deal
Jurys Inn, the mid-market chain of 31 hotels concentrated in the UK and Ireland, has been sold for... ...read more
Storm in NYC teacup hits events with transport shutdown
Although predictions of a “historic blizzard” turned out to be a wild overreaction in New York, six US states this week declared a state of emergency due to... ...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 - 2015 Mash Media Group