The blessed hotel

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lenners

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So apparently the gym's about to close and there are rumours McCabe wants to sell the whole lot.
Cannae be much of a revenue stream.
 



lenners said:
I think the closure of the gym is well known - the questionmark over the whole hotel is rumoured on another site.
Click to expand...

Is it a In The Know type rumour though, or just some random who's started it (I'm genuinely interested, not just questioning for the sake of it)
 
Again, the gym bit appears pretty well known - mentioned by a mate and widely referenced on t'other site.
Not sure if the gym was specifically ours and separate from the general rental deal.
 
Oh well, a mate and another site. That puts a whole new spin on it. You didn't tell us it was a mate that told you. Still, you've admitted that you're not sure about something. That has to be a first. Get the champers out Jeeves!
 
SV, It has to be fact, because why else would Lenners put it on the "General Blades Chat" section instead of the rumour section?

And as for the lack of reliable sources, we should trust in him, you know how he normally just hears a snippet of info then puts the meat on the bones himself to suit his agenda.

Evening Lenners ;)
 
shorehamview said:
Oh well, a mate and another site. That puts a whole new spin on it. You didn't tell us it was a mate that told you. Still, you've admitted that you're not sure about something. That has to be a first. Get the champers out Jeeves!
Click to expand...

You should know by now that len's never been strong on facts, he's much bigger on conspiracy theories and negative rumours, so this gym tittle tattle is meat and drink to him.
 
Trigger Blade said:
You should know by now that len's never been strong on facts, he's much bigger on conspiracy theories and negative rumours, so this gym tittle tattle is meat and drink to him.
Click to expand...

Really? Give over! I honestly can't say I have ever noticed. I must have been internetless that day.
 
The hotel stuff was covered brilliantly by Len in a recent string when much to the dislike of many it was suggested that Copthorne will be paying us enough to cover interest costs, not interest and the loan repayments.

Let us say we borrowed £20m at 5%. That is £1m interest per annum. Do Copthorne pay £1m per annum. Not sure but we should soon find out from Hotel accounts.

£20m at 8% is £1.6m.

I can't see the interest rates being lower than 5% on a loan like that. Maybe I am miles out and the interest rate is stuck to the base rate with no adjustment upwards but there is always a plus 3% at least isn't there?

If Copthorne pay us £1m per annum, there is no dent in the £20m loan and we have to sell it or somehow re-finance when bank wants some wedge back. As soon as Copthorne start paying more than £1m in my example they would surely want some form of ownership of the bricks and mortar they are paying for.

Anyway, I understand the hotel is pretty full at the moment.
 
The gym has closed FACT (always wanted to do that)

It was Gym Plus who ran it who decided on it due to not making a profit and concentrating on the one in Crookes. They are not part of the hotel but were just a partner.

With no gym you lose a star though, which makes it a three star offering which doesn't make it as appealing as a four star hotel (even though you bed and food will be just the same) and must have a negative knock on. I was a member but apparently there are no plans to keep it or get someone else to run it.

If they figured out how to hold a decent conference with food that was edible they would clean up though cos everywhere I go when someone holds a seminar type event it's shit.
 
Thanks for bringing this story to a wider audience Len, it's all news to me. I'm sure it's bad news for Copthorn and not us though.
 



Micalijo said:
The hotel stuff was covered brilliantly by Len in a recent string when much to the dislike of many it was suggested that Copthorne will be paying us enough to cover interest costs, not interest and the loan repayments.

Let us say we borrowed £20m at 5%. That is £1m interest per annum. Do Copthorne pay £1m per annum. Not sure but we should soon find out from Hotel accounts.

£20m at 8% is £1.6m.

I can't see the interest rates being lower than 5% on a loan like that. Maybe I am miles out and the interest rate is stuck to the base rate with no adjustment upwards but there is always a plus 3% at least isn't there?

If Copthorne pay us £1m per annum, there is no dent in the £20m loan and we have to sell it or somehow re-finance when bank wants some wedge back. As soon as Copthorne start paying more than £1m in my example they would surely want some form of ownership of the bricks and mortar they are paying for.

Anyway, I understand the hotel is pretty full at the moment.
Click to expand...

Is this a hunch..?
 
now i'm going to defend McWobblegob ................... on property deals don't question him ......he's shit hot !
 
Rumour has it, Copthorne want out and Premier are ready to take the freehold.

Not sure how accurate that is tho.

It has been mentioned before, about April/May time last time I think
 
Micalijo said:
The hotel stuff was covered brilliantly by Len in a recent string when much to the dislike of many it was suggested that Copthorne will be paying us enough to cover interest costs, not interest and the loan repayments.

Let us say we borrowed £20m at 5%. That is £1m interest per annum. Do Copthorne pay £1m per annum. Not sure but we should soon find out from Hotel accounts.

£20m at 8% is £1.6m.

I can't see the interest rates being lower than 5% on a loan like that. Maybe I am miles out and the interest rate is stuck to the base rate with no adjustment upwards but there is always a plus 3% at least isn't there?

If Copthorne pay us £1m per annum, there is no dent in the £20m loan and we have to sell it or somehow re-finance when bank wants some wedge back. As soon as Copthorne start paying more than £1m in my example they would surely want some form of ownership of the bricks and mortar they are paying for.

Anyway, I understand the hotel is pretty full at the moment.
Click to expand...

2.8 Million Mic remember only 2.8 Million.
 
Duncs - it is a hunch yes, an example. What I'm saying is that if the income only covers the interest we will have to either sell the hotel to pay the bank off or somehow refinance. I look forward too seeing if the debt is being paid off or remains at the £20m odd that was borrowed to build it. Do you envisage a position where SUFC own a debt free hotel? What do you think? I can understand why you would constantly take the piss as I come out with alot of rubbish but I'm trying to talk sensibly here.

Duncs - you read that article I posted on the Valad Share Price thread? Serious question, does McCabe still own 19.9% of Valad? I'm not clear what that article is saying, any clues?

Boo - I hear what you are saying bro! Totally understand how a balance sheet works, I support a balance sheet every Saturday afternoon.
 
Micalijo said:
Duncs - it is a hunch yes, an example. What I'm saying is that if the income only covers the interest we will have to either sell the hotel to pay the bank off or somehow refinance. I look forward too seeing if the debt is being paid off or remains at the £20m odd that was borrowed to build it. Do you envisage a position where SUFC own a debt free hotel? What do you think?
Click to expand...

The details of the deal with Copthorne haven't been released so its hard to tell. At a minimum I would expect that it covers the interest, but whether the Copthorne are paying off the capital is another matter. At worst case, if the hotel cost £20m, and in five years time Copthorne pull out then we would be in a position to either enter into a similar agreement with AN.Other or sell it and take a profit. Yes, at some point it will be debt free even if it takes the 18 years of the mortgage. One day it will be paid for and then we can look at the balance sheet and see that it was the right thing to do. Hopefully the league table will make as good reading as the Balance Sheet.

Micalijo said:
Duncs - you read that article I posted on the Valad Share Price thread? Serious question, does McCabe still own 19.9% of Valad? I'm not clear what that article is saying, any clues?
Click to expand...

I'm not entirely sure, but I think he owns 3%. The restructuring deal was going to leave him holding 19.9% but the board did a shares issue to pay him off £30m to avoid that. (Incidentally, on the day they chose to do this their share price fell 44% and analysts down graded their chances or recovery). Anyway unless I've misunderstood, or something else has happened the 3% he had on completing his massive deal with them is what he holds now...
 
Kopped said:
Rumour has it, Copthorne want out and Premier are ready to take the freehold.

Not sure how accurate that is tho.

It has been mentioned before, about April/May time last time I think
Click to expand...
The same site claimed earlier in the year that Copthorne had gone into liquidation. It caused quite a fuss then too, despite nothing having been announced to the stock exchange.

In fact I think some of the rays of sunshine posting on this site had the sky falling that day too.
 
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