Mon, 14 Feb 2011 | BUSINESS SALE
Alternative Hotels Group is considering whether to dispose of part of or all of its portfolio of luxurious hotels.
The entire portfolio could be put on the market for about £800 million, or else split up with some of the properties ‘cherry-picked’ for sale.
When a decision has been reached, an investment bank - possibly Lazard - will be hired to manage the sale process.
Property advisers DTZ and Gerard Nolan & Partners have been appointed to examine the sale options.
Hotels owned include Cameron House in Dunbartonshire, the 169-bedroom Dunstan Hall in Norfolk and Slaley Hall in Northumberland.
Alternative Hotels Group also owns the following brands; Hotel du Vin, De Vere Hotels, G&J Greenalls and Greens Health and Fitness.
The group is 50 per cent owned by Lloyds, which forms part of its inheritance after its takeover of HBOS. The group’s chairman Andrew Coppel and chief executive Richard Balfour-Lyn, along with some investors, own the other half.
Lloyds swapped £560 million of debt at the £450 million turnover hotel group for preference shares. The move reduced its debt from £1.7 billion to £1 billion.
The group itself is not for sale, and if a high enough price is not forthcoming, the asset sale will be withdrawn.
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