Cox & Kings in India is considering selling its European hotel chain Meininger to ease its financial crisis.
Sources close to the beleaguered travel firm say it has instructed Lazard to find a buyer for the budget hotel chain, which has 28 hotels in Europe and a further 15 in the pipeline.
It generated about $122 million in the last financial year.
Shares in Cox & Kings Ltd have slumped 98% in the past year after it defaulted on several loans.
It is thought to be more than $400 million in debt.
The company said it is taking ‘all required measures’ and ‘evaluating each business.’
Its financial woes led to the collapse of UK shortbreaks operator Super Break and hotel booking site LateRooms.com, in which it was a major shareholder, earlier this year.
Cox & Kings in India is also a shareholder in Cox & Kings UK, but the long-established British tour operator insists it is a separate company not affected by the Indian company’s financial woes.
