Moneycontrol PRO
Upcoming Webinar:Join us for 'The Future Techshot' on Sept 22, 10:30am to gain insights into role of tech in streamlining businesses. Register Now!

Cox & Kings mulls sale of European hotel chain Meininger: Report

Financial advisory firm Lazard is reportedly working with Meininger to help it find potential suitors.

September 03, 2019 / 01:57 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Travel company Cox & Kings Ltd is considering sale of its European hotel chain Meininger Hotels, according to a report in Bloomberg.

The deal has not been finalised and the Mumbai-based company could decide to keep the hotel chain, sources told the news agency.

Financial advisory firm Lazard is reportedly working with Meininger to help it find potential suitors.

Moneycontrol could not independently verify the story.

Berlin-based Meininger operates 28 budget hotels in Germany and other places in Europe.

Close

Meininger reported revenue of about 111 million euros ($122 million) for the year ended March 2019, the report said.

Cox & Kings has in the past few months defaulted on multiple payments of commercial papers.

"The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon as possible," Cox & Kings said in a statement in July.

The Cox and Kings stock hit a 52-year low on August 30 after the company announced a delay in holding its annual general meeting (AGM).
Moneycontrol News
first published: Sep 3, 2019 01:50 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark