Who controls the South Bank Hotel Management Company Ltd?

Post new topic   Reply to topic

View previous topic View next topic Go down

Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Wed Sep 13, 2017 11:05 pm

In August 2017 we were notified that Galliard had sold their 44 units in Park Plaza County Hall (the Hotel) to PPHE Hotel Group (PPHE) the owners of Park Plaza Hotels & Resorts (Park Plaza).

As you know, Park Plaza are the hotel operators who have been contracted by our firm, South Bank Hotel Management Company Ltd (SBHMC) to run the Hotel during its first 25 years.

At the same time the Galliards directors and company secretary resigned and stood down from the Board of SBHMC and were replaced by PPHE personnel.

So now the Board of SBHMC comprises of 2 PPHE personnel and one shareholder representative director.

You will already know that SBHMC oversees the fair and proper operation of the Hotel and carries out administrative and financial functions and distributes income to the unitholders each month.

SBHMC will also select who will next operate the Hotel when Park Plaza's existing operator's contract comes to an end.

However, PPHE now have majority control on the Board of SBHMC.

Does it make sense that the operator tenant has control of the Board of the company that is responsible for overseeing the fair operation, equitable occupancy distribution and operator selection of our hotel building?

coalhouse_walker

Posts : 4
Join date : 2014-02-27
Location : Planet Earth

View user profile

Back to top Go down

Re: Who controls the South Bank Hotel Management Company Ltd?

Post by Steve Desa on Thu Sep 14, 2017 12:22 am

I too am concerned as to how the Hotel will be run with the best interests of its shareholders.
But at the same time I believe that Park Plaza will want to maximise its profits which will eventually benefit its shareholders.
What we the shareholders have to ensure, is that the finances are handled correctly. To this end we have Derek Marley
Director and Shareholder as appointed by us at the AGM to police the running of the Hotel.
There is a proposed EGM to be held in November where we can discuss issues and agree the way forward. It will be an important EGM and most of us Shareholders should attend.


Steve Desa
Admin

Posts : 25
Join date : 2013-03-29
Age : 67
Location : Worcester Park

View user profile http://county-hall-investor.forumotion.co.uk

Back to top Go down

Re: Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Thu Sep 14, 2017 12:33 am

Steve

I agree with you that Park Plaza will want to maximise its profits, especially as it now owns 44 units.

And Park Plaza control the room allocation system.

coalhouse_walker

Posts : 4
Join date : 2014-02-27
Location : Planet Earth

View user profile

Back to top Go down

Re: Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Thu Sep 14, 2017 12:36 am

Also, as things stand, Derek Marley would be outvoted by 2-1 on any Board decision that he felt might not be in the majority unitholders best interest.

coalhouse_walker

Posts : 4
Join date : 2014-02-27
Location : Planet Earth

View user profile

Back to top Go down

Re: Who controls the South Bank Hotel Management Company Ltd?

Post by Sponsored content


Sponsored content


Back to top Go down

View previous topic View next topic Back to top

- Similar topics

Post new topic   Reply to topic
 
Permissions in this forum:
You can reply to topics in this forum