Common hotel amenities often range from happy hours, a fitness center and in-room dining, to a complimentary shuttle and spa services. Imagine something different such as getting a tattoo during your stay.
Soho House Considers Going Private as It Faces Investor Scrutiny
10.02.2024 - 02:09 / skift.com / Sean Oneill / Soho House
Soho House, owner of a network of members’ clubs, revealed Friday that its board had formed a committee to “evaluate certain strategic transactions, some of which may result in the Company becoming a private company.”
Soho House said that, in the fall of 2023, the board had created a committee to assess if the company’s strategy should change and has since engaged legal and financial advisors. The board owns 74% of the company’s shares outstanding.
Soho House was blasted Wednesday in a report by a short-seller, GlassHouse Research. The report claimed the owner of membership clubs and hotels such as The Ned London didn’t have a plausible plan to reduce its debt and become reliably profitable.
The report said Soho House is “a company with a broken business model and terrible accounting” whose “persistent lack of profits and rising debt levels” puts it in a “precarious position where they will need to continue to dump shares on investors as time goes on.”
Soho House on Friday said it would buy shares. It okayed a new $50 million share repurchase authorization. It also said that, as of the last reported quarter-end, October 1, 2023, it had $163 million of cash on hand and an undrawn revolving credit facility of about $90 million.
The company is due to report quarterly earnings in March.
Key critiques from the GlassHouse Research report:
What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance.
Read the full methodology behind the Skift Travel 200.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
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