Groupe Partouche sells Hilton Hotel in Lyon

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Published on 02/06/14 - Updated on 17/03/22

The walls and business of the property adjacent to a casino operated by the group have been bought by Les Clés du Luxe for 25 million euros.

The Groupe Partouche is pursuing its asset disposal strategy and has announced the sale of the walls and business of the Hilton Lyon Hotel to Les Clés du Luxe, a subsidiary of Lavorel Développement. The amount of the transaction is for 25 million euros.

The sale of the property succeeds the recent sale of the Knokke, Dinant and Hauteville casinos, bringing the cumulated revenues from disposals to more than 57 million euros over the last eight months. The Groupe Partouche is nonetheless keeping the walls of the adjacent casino, Le Pharaon, and its operating company that remains a subsidiary of the group.

According to the group, the sale was facilitated by a calmer context following the adoption of its proposed safeguarding plan by the group's creditor committees. In accordance with the plan and subject to its homologation by the Tribunal de Commerce de Paris, 50% of the net proceeds of sales will reimburse the syndicated loan, while the balance will be held in treasury.

The subsidiary Hôtel International de Lyon (HIL), which includes the hotel's business and the walls of the hotel and the casino, realized consolidated sales on the year ended October 31, 2013 of 11.6 million euros and contributed positively to the consolidated EBITDA of the group with 0.7 million euros.
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