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FLORIDA PANTHERS HOLDINGS EYES EXPANSION IN HOTEL MARKET
Published November 19, 1997
Florida Panthers Holdings (FPH) is "trying to secure up to" $500M in credit in order to "add to its trophy chest of luxury hotels and other facilities," according to Katherine Hutt of the Fort Lauderdale SUN-SENTINEL. FPH CFO William Pierce said that they are in talks with "a couple of" financial institutions about a "three year revolving credit facility" that will be used "primarily for acquisitions." The company is looking at resorts in both the East and the West and is "targeting independently owned resorts," with Phoenix, Palm Springs, and California's wine country "among the attractive markets." Officials said that the company "should lose" $14M this year on revenues of $250M; however, the Panther hockey team, which now has a $15M "negative cash flow," should switch to an $8M "positive cash flow" after it moves into Broward Arena next season (SUN-SENTINEL, 11/18).