FLORIDA PANTHERS HOLDINGS EYES EXPANSION IN HOTEL MARKET
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).