£10.5 mil profits16 Jun 2014 00:20
Puma Hotels rebrands to The Hotel Collection
by Janet Harmer, Tuesday 10th June 2014 16:21
Puma Hotels – the portfolio of 21 regional four-star hotels – has been rebranded to The Hotel Collection, with immediate effect.
The move follows a turbulent time for the group which resumed management of the hotels in April 2012 after Barcelo pulled out of a 45-year lease – five years after signing it in 2007 – to operate the properties. Although the Spanish group agreed to pay a penalty fee of £20.25m for breaking the contract, Puma lost annual rent of £30 from Barcelo.
Fredrik Korallus, chief executive of The Hotel Collection said that the new name reflects the group’s desire to focus on the strengths of the individual hotels, which he described as “iconic properties, well known in the market in their own right”.
“Since taking over management of the collection, we have achieved strong revenue growth predominantly driven by the resurgence in the meetings and events market, as well as strong leisure demand.
“We will continue our focus on providing excellent customer service through high quality management both centrally and throughout our individual hotels.”
The latest set of published accounts, lodged at Companies House, show that Puma Hotels achieved a net profit of £10.5m in 2012 - compared with a loss of £175m in 2011 - on a turnover of £71.6m.
An agreement in July last year to refinance Puma Hotels’ loan of £323m with the Irish Bank Resolution Corporation came to an end on 30 May 2014. The Hotel Collection declined to comment regarding any new debt deal.
- See more at: http://www.catererandhotelkeeper.co.uk/articles/10/6/2014/352578/puma-hotels-rebrands-to-the-hotel-collection.htm#sthash.i01DHZ37.dpuf
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