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The board of directors of a Luxembourg joint venture entity in which a US-based private equity fund holds 90% of the equity and a UK private company holds 10%.
What did Hotel Solutions Partnership achieve for the client?
– Early adoption of international accounting standards
A portfolio of seven hotels in the UK was acquired in 2006 from Hilton Group plc and managed under management contract to the joint venture. The hotels were sold with the benefit of a short-term licence agreement with Livingwell Health Clubs and Hilton but, after a few months, were rebranded to Holiday Inn (5) and traded unbranded (2) with the six health clubs rebranded.
Consultants: Ian Graham
To provide financial management services to the new business, enabling the businesses to be acquired, traded and rebranded, whilst also ensuring that all debt service and other corporate governance issues were addressed.
The Hotel Solutions Partnership consultant worked with the management company and the joint venture equity partners to ensure that the business was equipped with all the necessary financial and other management tools and resources required enabling the several phases of transition.
The internal teams at Hilton, at the management company and at the hotels were coached to ensure all aspects of process, technology and organisation were appraised, enhanced or added to throughout an initial six-month assignment, which was extended by a further two 3-month terms.