News blog
Japan Leisure Hotels
- BY: Andrew Hore |
- POSTED: 16/01/2008 |
Japan Leisure Hotels has joined Aim.
Guernsey-registered JLH raised £3.05m at 50p a share, but after expenses the figure was £1.9m. This was much less than it originally planned.
The quotation has helped JLH to buy a portfolio of five hotels for £19m in shares. They operate under the ‘Bonita’ brand and were valued at £21m at the end of November 2007.
The hotels have many different occupants of each room throughout a day. This part of the hotel sector overexpanded in the 1980s and 1990s so there are opportunities to buy assets at attractive prices. The market is worth £17bn a year. The portfolio of hotels will be managed by New Perspective, which was the seller of the five hotels.
JLH was valued at £22.1m at the placing price.
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