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