Revenue backing boosts Exclusive sale
Granada wins hotel approval but loses interest in race classic
Sunday 15 September 1996
Approval is important since it gives Granada far more flexibility over the disposal. It can now either sell the chain as a single entity or as individual properties and still receive similar capital gains tax treatment.
Bidding for the hotels has now moved into the second round which involves only serious prospective buyers.
"We are now at the stage where people are going around doing structural surveys," one source said.
Granada would make no comment on the number of bidders but it is understood that there is interest both in the entire chain and individual properties.
The final details of the sale should be concluded towards the end of the year but Granada does not expect to make a formal announcement until January.
The auction process along with the improved outlook for the hotel industry, particularly in London, has helped the valuation of the portfolio.
However, it is thought that the original book value attributed to the hotels of around pounds 1bn is still the most realistic sum that Granada will secure.
Granada has resisted any temptation to hang on to the Exclusive chain, which includes such hotels as the Grosvenor in London, the George V in Paris and the Sandy Lane in Barbados.
- 1 Moscow voted the world's unfriendliest city
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 4 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
- 5 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches, it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...