- Hospitality Biz India: Latest News & Analysis

Asmita Mukherjee
October 23, 2024
News Track
1 minute read

A representative with Advent declined to comment, while Evercore did not respond to a request for comment.

S&P Global Ratings slashed Aimbridge’s credit rating to CCC from CCC this month, citing a heightened refinancing risk, “unsustainable debt levels” and an expectation the company will see limited cash flow through 2025. Aimbridge’s “rooms base” has been declining partly due to hotel sales, S&P said in its report detailing the downgrade.

Aimbridge needs to tackle a load of debt maturities over the next couple of years, including a revolver that matures in February 2025, according to S&P. It also has a roughly $1 billion first-lien term loan due in 2026 and a $160 million second-lien term loan due the year after, S&P said in its report.