Owner of collapsed Cheltenham Hilton hotel blames Russian banks for administration
The owner of a luxury hotel in Cheltenham that fell into administration has blamed the collapse on Russian banks, including state-owned Otkritie.
Lethendy Cheltenham Limited, which does business as DoubleTree by Hilton Cheltenham, went into administration on May 19. It is one of four hotels owned by Lethendy Estates, a UK-based holding company that owns and operates hotels across the country under different brands. nouns .
The company’s portfolio includes Double Tree by Hilton Elstree, Double Tree by Hilton Stoke on Trent, Double Tree by Hilton Cheltenham and Holiday Inn Bolton. Lethendy Estates is also part of the MF Trust, whose founder is former Russian billionaire and critic of Vladimir Putin, Dr Boris Mints.
The company said it was forced to appoint administrators after Russian banks sought to impose land registry restrictions on the Hilton Cheltenham property, which it said had ‘no connection’ with Lethendy Estates . The hotel operator also said the banks were “unwilling” to remove the “unreasonably imposed” restrictions out of court.
“We are saddened that the actions of the sanctioned Russian Bank Otkritie and Russian Bank Trust have resulted in the DoubleTree by Hilton Cheltenham hotel being placed into administration,” a spokesperson for Lethendy Estates said.
“These actions by Russian banks have led our lender to demand the early repayment of previously issued loans and the placement of a profitable and thriving Cheltenham hotel in temporary administration.”
Lethendy Estates claims that the “aggressive actions” of Russian banks are due to the political views of Dr Mints. The businessman and philanthropist and his family live in exile and divide their time between London and a castle in Scotland.
A spokesperson for Lethendy Estates added: ‘Dr Mints – a longtime critic of Putin and a vocal opponent of his unlawful and barbaric invasion – has launched charitable programs in support of Ukrainian refugees.’
Lethendy Estates is currently hosting Ukrainian war refugees free of charge at its properties in Elstree and Bolton; the hotel in Cheltenham was to welcome a new tranche of refugees and provide them with a safe haven.
The spokesperson added: “This latest action amounts to another path of oppression by the Russian state against Ukrainians – in Ukraine and now abroad – as well as putting under administration of a profitable hotel.
“We are carefully reviewing the situation and next steps; in the meantime, Lethendy Estates is committed to ensuring that all refugees currently residing in properties in Elstree and Bolton continue to receive the highest level of support.”
According to the directors of Quantuma, the hotel is currently profitable and will continue to be managed by the directors while they search for a buyer.