Goodbody To Restructure French And Belgian Hotel
Published on Nov 11 2013 11:25 AM in Hotel
Goodbody Stockbrokers will be reestablishing a €140 million Belgian and French Hotel in order to regain lost profits. Goodbody, part of the Fexco Group, is Ireland's longest established stockbroking firm with roots dating back to 1877.
The hotel is currently managed by Irish-owned hotel company Prem Group.The broker will meet with 12 firms that financed the 2007 deal and will appoint liquidators to all of the companies. Together they have joined share holders' deficit of over €40 million.Goodbody is consolidating the investors into Ech Investments company to ensure that the hotels' value will increase as years go by.
In 2013, Four Leaf Investments, the company through which the hotels are kept, agreed to revised banking facilities with its lenders, KBC and AIB which will extend to 31 December 2014 with the deal contingent in the scale of one property for €10.75 million.A number of Belgian hotels have been sold including the Ramanda Ostend and hotel Mechelen Antwerp.