A picture of the Mitchells & Butlers logo

Information centre

Information centre story index

28/02/2000

Bass Makes Recommended Offer to Bristol Hotels & Resorts Inc

Bass Makes Recommended Offer to Bristol Hotels & Resorts Inc

Bass PLC announces today, 28 February 2000, it has agreed to make an offer to acquire the whole of the issued share capital of Bristol Hotels & Resorts Inc (Bristol) which it does not already own. The offer which is recommended by the Board of Bristol is $9.50 per share payable in cash. It covers the 90.1 per cent that Bass PLC subsidiaries do not already own and thus gives a total purchase consideration of $157 million.

Bristol presently leases and/or manages 112 hotels of which 100 are leased from FelCor Lodging Trust Inc. (FelCor), a Real Estate Investment Trust in the United States. 59 hotels trade under the Holiday Inn brand name, 18 hotels under the Crowne Plaza brand name, 6 hotels under the Holiday Inn Express brand name and 29 other hotels.

In the year to December 1999, Bristol's profit before tax was $13.6 million with an EBITDA of $15.2 million. Consequent upon the acquisition, Bass Hotels & Resorts (the Bass PLC hotel operating division) anticipates significant benefits from synergies in administration and operations such that it will be earnings enhancing after the write-off of goodwill in the first full financial year.

Thomas R. Oliver, Chairman and Chief Executive, Bass Hotels & Resorts said, "This acquisition further strengthens the hotel management and sales capabilities of Bass in the North American market. We see significant growth prospects in such a marriage of strong brand and expert management systems. We also believe that our hotel franchisees will appreciate and applaud the support and commitment we are providing to our brands. Bristol's people are talented and their operations well managed. We are proud to have this opportunity to include them in our business."

--ends--

For further information, please contact:

Pugh Phillips, Director of Group Communication   0171 409 1919
Mark Rigby, Media Relations   0171 409 8571
Jonathan Atack, Investor Relations   0171 409 8153

Notes to editors:

Bass is an international leisure hospitality group operating in hotels, leisure retail and branded drinks.

  • Bass Hotels & Resorts is the world's most global hotel company whose brands include Inter-Continental Hotels and Resorts, Crowne Plaza Hotels and Resorts, Holiday Inn, Express by Holiday Inn and Staybridge Suites. It owns, operates or franchises more than 2,900 hotels and over 480,000 guest rooms in more than 95 countries and territories around the world.
  • Bass Leisure Retail operates about 3,000 managed pubs, restaurants and leisure venues including brands such as Vintage Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's and Hollywood Bowl.
  • Bass Brewers is one of the major UK brewers of branded drinks including Carling, the UK's No 1 consumer brand, Tennent's, Worthington, Caffrey's, Bass Ale and Hooper's Hooch. Britvic Soft Drinks is one of the leading UK producers of branded soft drinks with brands such as Tango, Robinsons and Pepsi.

Information centre story index