LONDON Premier Hotels, the UK s biggest franchisee of Express by Holiday Inn, has been put into receivership, following a failed attempt to refinance the company. Administrative receivers from Deloitte & Touche, who are now taking charge of the company, have emphasized that several parts of the group do not form part of the insolvency process.
The financial difficulty stemmed from the company s property activities, having completed more than $356.8 million worth of acquisitions, sales, and leaseback deals over the past 12 months. (4/6/01)
Source: HVS International