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Blaine

Plans for lord street

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The hotel part of the project may end up being rebranded....

Here is a summary of the current situation with Travelodge.

The (hedge fund) owners of Travelodge had put the business through a Company Voluntary Arrangement to allow it to restructure its debts.  The complex way that CVAs are structured meant that the landlords of the hotels could not block it even though their rent was being cut without their consent.

The landlords did, however, force a break clause into their lease contracts.  The owners of 400 hotels formed the Travelodge Owners Action Group in an attempt to negotiate a bulk move to a new group.

According to The Caterer, Accor has been selected as their preferred partner going forward.  If a deal can be finalised, the 400 hotels will rebrand under Accor’s budget Ibis brand.  Accor will pay the costs of rebranding, whilst a new operating company – jointly owned by the hotel owners – will take over the hotel leases.  Landlords will be guaranteed, at a minimum, the rent they were receiving from Travelodge prior to the CVA taking place, as well as a share of the profits.  Other non-Travelodge hotel owners will be able to become part of the operating company if they wish.

Separately, The Times reported that the owners of 80 Travelodge hotels who are not part of the Travelodge Owners Action Group are planning to start a new brand called Goodnight Hotels.

If both of these moves comes to fruition, Travelodge will be left with under 100 UK hotels.  The owners may decide to throw in the towel at this stage, potentially pushing the rump into receivership.

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6 minutes ago, MadAsHell said:

I think it’s a case, that conditions being imposed like this as there is a great deal of scepticism about the plans and the likelihood of anything actually getting off the ground. 

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Maybe revisit this in 2024 to see what excuses they are still using for non completion...

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10 minutes ago, Neil Down said:

Maybe revisit this in 2024 to see what excuses they are still using for non completion...

At least Skelly will be gone by then 

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49 minutes ago, Banker said:

At least Skelly will be gone by then 

Don't count on it...

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He will surely retire at the end of this Tynwald?

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14 minutes ago, Donald Trumps said:

He will surely retire at the end of this Tynwald?

He'll get elevated....

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I'd have thought he'd have had enough of Manx politics

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9 minutes ago, Donald Trumps said:

I'd have thought he'd have had enough of Manx politics

I've certainly had enough of him in Manx politics.

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2 hours ago, MadAsHell said:

It's another of the those 'news' pieces based on a Tynwald answer (that I put on this thread a week ago).  But there's no extra information as to what happens if the developer fails to complete their side of the bargain.  The fact that the sale was done in a separate agreement suggests the answer may be: "Everyone in Government sighs and does nothing".  And the places ends up looking even more of a dump than it already does until eventually it gets bought back by the Government for much more than than they received for it.

46 minutes ago, Andy Onchan said:

[Skelly]'ll get elevated....

He's missed his chance.  Unless someone stands down, the 'run and hide' election to LegCo was back in March.  In the equivalent election in 2015, Anderson, Crookall, Cretney and Henderson all scarpered upstairs eventually.

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20 minutes ago, Roger Mexico said:

It's another of the those 'news' pieces based on a Tynwald answer (that I put on this thread a week ago).  But there's no extra information as to what happens if the developer fails to complete their side of the bargain.  The fact that the sale was done in a separate agreement suggests the answer may be: "Everyone in Government sighs and does nothing".  And the places ends up looking even more of a dump than it already does until eventually it gets bought back by the Government for much more than than they received for it.

He's missed his chance.  Unless someone stands down, the 'run and hide' election to LegCo was back in March.  In the equivalent election in 2015, Anderson, Crookall, Cretney and Henderson all scarpered upstairs eventually.

So who's next to vacate the MLC bench?

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Henderson, hopefully

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Posted (edited)
2 hours ago, Andy Onchan said:

So who's next to vacate the MLC bench?

It's the ladies with multiple names: Poole-Wilson,  August-Hanson (ex Humbles), Lord-Brennan and Maska (ex Hendy).  But their terms don't lapse until the end of February 2023, so after the 2021 General Election.  Henderson was re-elected in March.

Edited by Roger Mexico
2023 for 2002. Though with LegCo it's always going backwards.

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You still have time to edit that date Roger

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