Lonrho sells hotel chain

Thursday 11 June 1998 23:02 BST

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Lonrho has sold its Princess Hotels chain to Canadian Pacific Hotels and Resorts for US$540m (pounds 330m). The price includes $71m of debt and Lonrho will use $56m of the proceeds to repay the balance of the division's debt. Lonrho shares rose 16p to 307p. Meanwhile Lonrho Africa, the trading interests demerged from Lonrho last month, revealed losses of pounds 2.3m including pounds 4.9m of exceptional charges in the six months to 31 March. But the shares rose 4p to 80p after the company confirmed a mystery consortium has acquired over 4 per cent of the shares.

Mystery shareholder, page 21

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