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Cox & Kings plans sale of European chain
Sept 7, 2019

Indian travel company Cox & Kings is planning to sell its European hospitality chain Meininger Hotels to cut debt, and is working with Lazard to gauge potential interest, per Bloomberg. Berlin-based Meininger runs 28 budget hotels in Germany and other parts of Europe. The company reportedly recorded about €111 million of revenue for the year through March 2019.
According to Business standard Cox & Kings Ltd., the Indian travel company, is exploring a potential sale of European hospitality chain Meininger Hotels as it seeks to cut debt, according to people with knowledge of the matter.
The company is working with Lazard Ltd. to gauge interest from potential suitors for Berlin-based Meininger, said the people, who asked not to be identified because the information is private.

Meininger operates 28 budget hotels in Germany and other parts of Europe, including recent openings in Brussels and Heidelberg, and has a pipeline of about 15 more locations. The business recorded about 111 million euros ($122 million) of revenue for the year through March 2019, one of the people said.
Shares of Cox & Kings, which defaulted on some of its borrowings earlier this year, have fallen 98% over the last 12 months to give it a market value of about $11 million. It had about $424 million of debt at the end of March, data compiled by Bloomberg show.

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