Cox & Kings mulling sale of European hotel chain
Indian travel firm Cox & Kings Ltd is mulling the sale of another of its businesses as it looks to ease its financial woes.
According to people with knowledge of the matter, it is actively seeking a buyer for European chain Meininger Hotels.
Cox & Kings has reportedly instructed Lazard Ltd to find a buyer.
Meininger has 28 budget hotels in Europe and a development pipeline of an additional 15.
It generated about $122 million in the last financial year.
Shares in Cox & Kings Ltd have slumped 98% in the past year after defaulting on several loans.
It is thought to be more than $400 million in debt.
The company said it is taking ‘all required measures’ and ‘evaluating each business.’
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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