INVESTMENT bank Lazard Asset Management is understood to have been appointed by Cox & Kings India to investigate the possible sale of Meininger, the beleaguered company’s European hotel chain.
C&K is currently undergoing a financial crisis after missing several key debt repayment deadlines, which has seen IATA suspend its ability to transact through BSP in India.
In Australia and NZ, C&K trades under the Tempo and Bentours brands, with the leaders of the local operation repeatedly reassuring the industry that it is “business as usual”.
However, AFTA recently decided to terminate the company’s ATAS accreditation due to the issues in its Indian parent (TD 22 Aug).
Meininger operates 28 budget hotels across Germany and other parts of Europe, with revenue of about 111 million last year.
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Source: traveldaily