The German hotel arm of Holidaybreak could jet off on a London initial public offer before the end of March, according to reports.
Berlin-based Meininger Hotels, a low-cost hotel operator that works on a similar capital licence strategy as some intercontinental rivals, has appointed advisers ahead of an AIM listing.
Parent Holidaybreak was listed in London until it was taken private in 2011 by India’s Cox & Kings, which is looking to spin off the Meininger arm.
The German chain says it operates in the “hybrid hotel” segment, allowing families and business travelling guests to book a room as normal, but also offering more affordable per-bed hostel-style prices to appeal to backpackers and groups.
Broker Zeus Capital has been appointed, the Times reported, and is targeting an introduction without any capital raising in the next four to six weeks.
Cox & Kings is reported to value Meininger at around €400mln.
Last year, the chain opened its first hotels in France, with hotels in Paris and Lyon, in partnership with Covivio, its sixth opening in 2019.
On top of 15 hotel projects in development, contracts were also signed for new market entries in Poland and Israel, expected to open in 2022 and 2024.
For 2021, the hotel group is planning market entries in the US, Iceland and Switzerland and plans to operate a total of 35,000 beds internationally by 2024.