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Jarvis confirms sale and leaseback
Jarvis Hotels has announced it has conditionally agreed to a £150m sale and leaseback deal for nine of its hotels with a consortium of private investors.
The proceeds of the sale would be used to return up to £85m to shareholders through a tender offer of 137.5p per share and also to reduce the company's overall debt by £55m.
The sale and leaseback and the tender offer must first be approved by shareholders at an extraordinary general meeting, which is expected to be held on 4 November 2002.
John Jarvis, executive chairman, said: 'The sale and leaseback continues our programme to re-position Jarvis Hotels as a hotel management service group and the proposed tender offer will deliver our pledge to return value to our shareholders.'
The nine hotels covered in the deal include properties in London, Guildford, Hatfield, Hemel Hempstead and Birmingham. Details: www.jarvis.co.uk
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