Credit crunch hits American Leisure.
Investors Chronicle - magazine and web content, March, 2008
Tough US property markets are hurting American Leisure's business plans. Malar Velaigam
American Leisure Group has warned that 2008 earnings will be significantly below forecasts due to tighter lending conditions in the US. The group, which offers ownership in Florida-based vacation resorts, said that US banks now classed resort-based vacation homes on par with residential property making it harder to secure credit. But its Sonesta Resort will still open this Autumn, with pre-sale contracts of $275m (GBP137m).
Exposure to property, leisure and the US is not favourable right now. The group has a landbank valued at $625m (GBP312m), or 193p per share, but at 92.5p the shares are not going anywhere fast. High enough.
HighEnough
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