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Grosvenor House and Waldorf in administration
Thursday, 01 Aug, 2003
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Two of London’s most famous hotels the Le Meridien Grosvenor House and Le Meridien Waldorf have been placed into administration by the Royal Bank of Scotland.
The bank said it intends to take back control of all 11 of its Le Meridien hotels in the UK and Ireland, which will then cease to operate under the Le Meridien brand name.
It follows the collapse earlier this week of an alternative rescue plan for the debt-ridden hotel group put forward by financier Guy Hands.
Details of what will happen to Le Meridien’s remaining 126 hotels worldwide are still being negotiated. A restructuring proposal by investment bank Lehman Brothers is likely to see them managed by the Hyatt group, although continuing to operate under their own name.
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