Lonrho to float off hotels

LONRHO has confirmed it is to float off its Princess and Metropole hotels

LONRHO has confirmed it is to float off its Princess and Metropole hotels. The announcement came just days after the conglomerate said it had completed the repurchase of a one third stake in the Metropole business from the state backed Libyan Arab Foreign Investment Company. The group bought back the stake in the Metropole business from the Libyans for £251 million sterling after selling it to them in a controversial deal in 1992 for £177.5 million. The Metropole and Princess operations will be floated off as one company under the Princess Metropole Hotels name.