Barclays and Lloyds Banking Group have acquired a 45.5% stake in the hotels group Kew Green Hotels as part of a £39m debt-for-equity swap.
Kew Green, which runs 22 hotels under franchises including Holiday Inn, Courtyard by Marriott and Days Hotel, has cut its debt burden from £120m to £80m and secured a £3m refurbishment facility.
The Times Business 05/03/11 page 56
