In July last year the group disposed of The Park Inn in Hyde Park, London and as a result reduced it

In July last year the group disposed of The Park Inn in Hyde Park, London and as a result reduced its level of debt by €37m, according hotels london cheap to accounts just filed for Precinct Investments Limited, which owns the hotels in Cork and Dublin.
The group is currently hotels london cheap funded by two third party banks and an equity shareholder. It said it has been advised by the sole shareholder and both of its third party banks the loans of the group, which are repayable on demand, are being transferred to NAMA.
“The directors would highlight hotels london cheap that the asset disposal formed a central hotels london cheap part of the strategic plan of the group to restructure its financing and there is no guarantee that future funding will be available hotels london cheap on a commercially acceptable basis or at all,” the accounts read. “The equity shareholder loan amounted to €27m at 31 December, hotels london cheap 2009, and it should be noted that this loan is subordinated to group debt.”
The group’s hotels have continued to trade satisfactorily in a “very challenging environment, ahead of their competitive set,” however, the group has incurred “significant losses and cash outflows” due, it said, due to a high level of debt within the company following its privatisation in 2004 and recent asset revaluations.
The Gresham Hotel Group is exposed to price risks associated with the general economic conditions and tourism activity in the countries in which it operates. However management believe this risk is reduced given the geographical spread of its hotels and their long-established presence in the marketplace.
The group said it has policies in place that require appropriate credit hotels london cheap checks on potential customers hotels london cheap before hotels london cheap sales are made. “The group has a mix of long-term and short-term debt finance designed to ensure that the group had sufficient available funds for operations hotels london cheap and planned expansions,” the accounts state.
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