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Dear parent: You, as a parent, are a voting member of the Association of the International School of Lusaka - which means that you own our...

Monday, 3 June 2019

Hotel lease deal

I spoke recently with parents who assumed - erroneously - that the hotel deal had been concluded and that money was flowing in. This is not the case.
As of the date of this post, the deal has yet to be executed.

The state of play is as follows:
  • September 2017 - negotiations begin with the Urban Hotel Group
  • November 2017 - letter of interest recieved from the Urban Hotel Group
  • January 2018 - term sheet drafted with the Urban Hotel Group
  • June 2018 - AGM approves the deal in principle
  • September 2018 - term sheet finalized with the Urban Hotel Group
  • October 2018 - term sheet signed (2 BMs voted against)
  • January 2019 - draft lease submitted to trustees for feedback
  • March 2019 - revised draft lease voted on by 10 of 11 BMs (2 BMs voted against)
  • April 2019 - final BM votes in favor of the lease.
  • May 2019 - BMs request advice of an independent financial consultant
  • June 2019 - as of date, the lease is yet to be signed
On Friday this week, we will have a new board. Will the lease get signed by Thursday or not? Check back here to find out!

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