Friday, 20 September 2013

The Hotel Corporation ( expanded and updated ).

Description :

Puma Hotels Plc operates a chain of four-star regional hotels under the Puma Hotels’ Collection name which includes such flagship properties as the Lygon Arms in Worcestershire and the Imperial hotel in Torquay. They are marketed as luxury, country, spa, coastal or historic city hotels
The company was founded in 1994 as Paramount Hotels by Michael Purtill (who now heads up Qhotels) just four months after he narrowly failed in a £65m management buy-out of his Principal Hotels group from receivership. 
Paramount was acquired in 2004 by Dawnay Shore Hotels (a vehicle set up by investment firms Shore Capital and Dawnay, Day) via the AIM-listed Hotel Corporation. By 2009, Hotel Corporation held a 49.9% stake in the business. Dawnay Shore Hotels was renamed Puma Hotels in 2008 following the collapse of Dawnay, Day.
In 2007, privately-owned Spanish hotel group Barceló signed a 45-year agreement to lease and manage the UK hotels, which took on the Barcelo brand name. The Puma Hotels’ Collection name was launched in 2012 when Barceló withdrew from its agreement.

Time Line :

THE 2010s

THE 2000s

THE 1990s

Financial Snapshot :

Full year (ending 31 December 2011)Turnover £31.4m*
Operating profit -£175m
Net profit £5.5m (2010: £6.3m)
* includes £30.3m rent from Barceló Hotels

Half year (ending June 30 2012)Turnover £25.9m (2011: £15.4m)
Operating profit £16m (2011: -£300,000)
Net profit £16m (2011: -£276,000

Operating Data :

Number of UK hotels 21 four-star hotels (September 2012).
Bedrooms 2,859
Conference and meeting space 20,000 sq metres
Facilities also include health clubs, spas and beauty rooms, and golf (at two hotels)

Basingstoke Country Hotel, Hampshire
Combe Grove Manor Hotel, Bath
Imperial Hotel Torquay, Torquay
Old Ship Hotel Brighton, Brighton
Billesley Manor Hotel, Nr. Stratford-Upon-Avon
Cheltenham Park Hotel, Cheltenham
Daventry Court Hotel, Northamptonshire
Hinckley Island Hotel, Leicestershire
Lygon Arms, Broadway, Worcestershire
Oxford Hotel, Oxford
Walton Hall & Hotel, Wellesbourne, Warwickshire (operate as two hotels)
Redworth Hall Hotel, County Durham
Shrigley Hall Hotel, Golf & Country Club, Cheshire
Imperial Hotel Blackpool, Blackpool
Majestic Hotel Harrogate, Harrogate
Palace Hotel Buxton, Derbyshire
Carlton Hotel Edinburgh, Edinburgh
Marine Hotel, Troon
Stirling Highland Hotel, Stirling
Angel Hotel, Cardiff

Key People :

Chairman Howard Shore
Director Peter Procopis
Chief executive officer Fredrik Korallus
Commercial and financial director Paul Nisbett
Group operations director Nick Gamble

Hotel Corporation plc - extension of debt facility

The Hotel Corporation plc ("HCP")
1st July 2013
Puma Hotels plc announces extension of its debt facility

The Hotel Corporation PLC (the "Company" or "HCP"), an AIM listed investment company owning 49.9% of Puma Hotels plc ("Puma", or the "Group"), today announces that the directors of Puma have informed the Company that Puma has today made an announcement on the extension of its senior debt facility, the full text of the Puma announcement is reproduced below:

Puma Hotels, one of the UK's leading four star hotel owners and operators, today announces that it has successfully completed the extension of its £323 million senior debt facility with Irish Bank Resolution Corporation in Special Liquidation ("IBRC").

The refinancing of the loan provides committed funding for the 21-strong four star hotel group which employs more than 2,300 staff across its portfolio.

New terms have been agreed until 30 May 2014 with revised covenants to reflect the current operating environment.

Puma Director, Peter Procopis, said: "We are delighted to have agreed an extension of the loan facilities with IBRC. We see this is a significant vote of confidence in both the Group and the quality of management team recruited since operational control of the hotels was taken back in April 2012."

Dawnay Day Group / Carpathian

European property trust Dawnay Day Carpathian has severed its relationship with former parent company Dawnay Day Group, completing a management buy-out.

 fund will be renamed Carpathian with 50% of shares owned by management, significantly higher than the originally proposed 9.9%.

The remaining 50% will be owned by a new company managed by the two principals of the Dawnay Day property holding company Dawnay Day PanTerra.
Analyst Panmure Gordon reiterated its ‘buy’ recommendation on the trust, saying that at a 64% discount to net asset value at 46.3p, shares looked heavily oversold.
‘We believe that the group has been proactive in making changes, which should be seen as positive by investors. In our opinion, the stock is too cheap at current levels and we maintain our Buy recommendation.’
The sprawling Dawnay Day empire has struggled to liquidate assets in recent weeks as it attempted to meet creditor demands for cash and administrators have been appointed to several subsidiary companies.
Without citing sources, weekend papers said the remains of the £2 billion company, owned by Guy Naggar and Peter Klimt, had been put under the control of BDO Stoy Hayward
Charirman of Carpathian Rupert Cottrell said: ‘This new portfolio management agreement is very positive indeed and we look forward to continue working with our existing team headed by Paul Rogers and Massimo Marcovecchio. 
'The employees of Carpathian Asset Management have a track record of being one of the leading property teams focused in the CEE [central and eastern Europe] region with their ability to deliver in a marketplace that presents significant opportunities.’
The deal will also include several 75% holdings in subsidiary property management businesses in Romania and Hungary who operate Carpathian’s development programme.
Dawnay Day / Trevaria
  Similar story  of break-up and nice profits achieved by breaking up the group .

 That leaves valuation of £169 million ( our share £84 ( possible £91 million )) .Just a few bob more than current valuation £1.6 million. 
  Keep a close watch out for underhand dealings ,with all this unrealised value , some skulduggery may be anticipated .
 Ask yourself the question why have Shore being buying back in ?
 Will IBRC continue to back HCP ?
 Remember Carpathian and Trevaria ,have performed very well since the break up their of asset portfolio.
 HCP , should follow the same path to asset realisation.
 I shall continue to hold , through oscillations of market dealing , for an expected brighter future .

(Bovey Castle, the 64-bedroom country house hotel within Dartmoor National Park, has been put on the market for £17.5m – nearly £10m less that its current owners paid for the property six years ago. Property investment company Delancey bought the hotel from Peter De Savary in 2006, for £26.4m.)