Sorry but I thought the reults were very poor and in my opinion the company will have increasing difficulty making a worthwhile profit.
The problem is not that the company is poorly run,in fact I think the management at all levels is excellent and the hotels are well managed.It is that it is facing huge & increasing competition from chain hotels,whose newly built hotels are generally much more economical to run.The cost of running & maintaining hotels like the listed Victorian masterpiece Midland in Bradford must be huge.......
In addition although six of the hotels are freehold,it is locked into expensive long leases on three hotels,The Strathdon in particular seems to struggle.
I feel the chance of anyone wanting to pay anywhere near book price for the assets is unlikely;I would be happy to be incorrect as I own a fair number of shares.......
I bought a few of these after the results as I feel the fall in relation to what was reallt not all that bad a set of results was way overdone.
The shares trade at a very large discount to TNAV, all property (which hasn't been revalued for a very long time), debt is being reduced, the company is profitable and the management are reaching an age when they may look to sell up and realise some value for their retirement.
I think all you have to do here is sit and wait and you will make a 50%+ profit.
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