SixC hotels accused of wasting 60p in every 1 [pound sterling] of investment.(News)

From: Leisure Report | Date: February 1, 2003 | Copyright information

As potential bidders wait for the break-up of Six Continents into separate hotels and pubs companies, a City analyst has accused the group of wasting 60% of the money it has spent in the past five years.

Analysts say the hotels arm, which owns the Holiday Inn, Crowne Plaza and Express by Holiday Inn brands, is worth up to 5bn [pounds sterling]. This is well below the estimated 7.5bn [pounds sterling] SixC has spent on acquisitions, refurbishments and development since it entered the hotel industry and began shedding businesses such as bingo, bookmaking and brewing.

Mark ...

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