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London Waldorf and Hyatt Regency Hotel in Birmingham Are Put Into Administration

It is reported that two famous hotels in the UK are put into administration because of problems with their holding companies. These hotels are the 299-key Waldorf Hilton hotel in London and the 319-key Hyatt Regency hotel in Birmingham.

Even though these hotels are referred to different holding companies, the owner of both properties is the same – the Bhatia family. The problems with these hotels appeared last year, causing defaults. The price asked by the seller is not disclosed, but both hotels belong to the upper-upscale segment, so they may not be sold cheap.

Currently Waldorf Hilton hotel in London has a debt of 100 million of pounds. Among the main creditors of the property are Allied Irish, Barclays and Credit Agricole. These companies have already chosen and appointed the administrator for this property – KPMG. The second hotel, Hyatt Regency, has the debt of approximately 30 million of pounds. Ernst & Young will act as an administrating organization here.

It is also reported that during the process of sale both hotels will operate in their usual manner.

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