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FINANCIAL CHRONICLE™ » CHRONICLE™ ANALYTICS » Is JKH selling Cinnamon Lakeside? Timeframe? Profit expectations?

Is JKH selling Cinnamon Lakeside? Timeframe? Profit expectations?

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Gallardo


Manager - Equity Analytics
Manager - Equity Analytics

Does anyone know of the progress of JKHs strategic exit from Cinnamon Lakeside?

Cinnamon Lakeside, Cinnamon Grand, Cinnamon Red and soon Cinnamon Life/The Waterfront?  That's one too many Cinnamons in Colombo, hence a very profitable exit from one of them - Lakeside has been on the cards.  This reduces having too many eggs in one basket and enables the group to exit with big profits and cash for upgrades on the high growth potential hotels (Cinnamon Bey/Blu etc).

Two local chains have been mooted as buyers, Spence/Softlogic or else a foreign party without a presence in Colombo.  Any ideas on how this has progressed?  Current net asset value is Rs 5.762 billion or 28.81 per share.  

How many times PE or NAV have hotel deals been done at recently?   

When was the land/property been revalued given the steep land value appreciation and refurbishments over the year.  Hotel was only partly operational during the massive refurbishment, hence some reduced earnings.

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics

Aitken Spence is eyeing on a city hotel which could complete their hotel portfolio .
Soft logic group is on consolidation exercise. Due to high interest rate environment ,they will not add this investment to their group since this investment will cost them more.Recently group chairman expressed that group will not go for any new investment.
Hemas holding may be.As a group they try to adopt a brand unique to them.
Most possibility a foreign party which transaction may done in foreign currency terms.That will be more beneficial to JKH.

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

soileconomy wrote:Aitken Spence is eyeing on a city hotel which could complete their hotel portfolio .
Soft logic group is on consolidation exercise. Due to high interest rate environment ,they will not add this investment to their group since this investment will cost them more.Recently group chairman expressed that group will not go for any new investment.
Hemas holding may be.As a group they try to adopt a brand unique to them.
Most possibility a foreign party which transaction may done in foreign currency terms.That will be more beneficial to JKH.
seen the companies mentioned here Lanka hospital is coming to my mind.(lhcl deal)

Gallardo


Manager - Equity Analytics
Manager - Equity Analytics

Thanks soil economy, I had also heard about Hemas and had forgotten they were said to be a candidate.  A deal has been on the cards for a while so I wonder how close they are to completion.

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