Vivion - comment

£200m - £250m sale of UK hotels would provide sufficient cash for Vivion to redeem the remaining £183m 2024 notes outstanding. Vivion needs to raise some cash, and the Hilton hotels are unencumbered. Vivion acquired the Hilton branded hotels in 2019 for £246m and refinanced the acquisition with part of the €700m 2024 bond proceeds. Alternatively, Vivion has 26 Hallmark hotels, originally worth >£250m. The price may be painful for the Dayan family, but it will allow them to retain control of Vivion.