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Saudi Prince in talks to rescue Le Meridien hotels
London, July 06: Saudi investor Prince Al-Waleed bin Talal is in talks to inject fresh capital into Le Meridien and save the global hotel group from collapse, the Sunday Times newspaper has reported.
London, July 06: Saudi investor Prince Al-Waleed bin Talal is in talks to inject fresh capital into Le Meridien and save the global hotel group from collapse, the Sunday Times newspaper has reported.
It said the Prince, through Kingdom Holdings, could provide additional equity in tandem with Le Meridien's existing shareholders, which hope to raise at least 120 million pounds.
They include terra firma, a private equity vehicle headed by British deal-maker guy hands, Alchemy Partners, and minority shareholders Royal Bank of Scotland and Abbey National.
The Sunday Times said the London office of US merchant bank Lehman Brothers is pursuing its own rescue deal for Le Meridien worth 150 million pounds, but added that Lehman's head office in New York has reservations.
Le Meridien is one of the world's best known hotel operators, with 135 hotels in 56 countries.
They include terra firma, a private equity vehicle headed by British deal-maker guy hands, Alchemy Partners, and minority shareholders Royal Bank of Scotland and Abbey National.
The Sunday Times said the London office of US merchant bank Lehman Brothers is pursuing its own rescue deal for Le Meridien worth 150 million pounds, but added that Lehman's head office in New York has reservations.
Le Meridien is one of the world's best known hotel operators, with 135 hotels in 56 countries.
Bureau Report