What was the revenue for Groups360 LLC associated with Crowne Plaza as of December 31, 2023?
Crowne_Plaza Franchise · 2025 FDDAnswer from 2025 FDD Document
yment term.
Six Senses New York
In March 2024, the Company executed a joint-venture operating agreement to develop a Six Senses hotel in New York City with IHG signing a 40-year hotel management agreement on the resultant hotel. The Company's interest is reflected via $25 million in preference shares, with interest accruing at 8%. At inception, the fair value of the loan was recognized at $17.4 million within 'investments in unconsolidated entities' on the consolidated balance sheet and a corresponding contract asset representing the below market rate of interest of $7.6 million included within 'contract assets' in the consolidated balance sheet.
Groups360 LLC
In August 2019, the Company contributed $10 million for a 12.6% share of Groups360 LLC ("Groups360"), a joint venture formed to operate a co
Source: Item 23 — Receipts (FDD pages 100–424)
What This Means (2025 FDD)
According to the 2025 Crowne Plaza FDD, the provided excerpts contain information about the company's investment in Groups360 LLC, but do not include specific revenue figures for Groups360 LLC as of December 31, 2023. The document mentions that Crowne Plaza's parent company has a 12.6% share of Groups360 LLC after contributing $10 million initially in August 2019, with additional contributions of $3.0 million in 2023.
While the FDD details Crowne Plaza's investment and share of losses related to Groups360, it does not provide a breakdown of Groups360's revenue. Instead, it focuses on the net book value of the investment and the company's proportionate share of losses. For example, the net book value of the investment was $5.0 million as of December 31, 2023. The company recognized its proportionate share of losses of $(2.5) million for the year ended December 31, 2023.
To obtain the revenue figures for Groups360 LLC, a prospective Crowne Plaza franchisee should directly request this information from the franchisor. Understanding the revenue generated by Groups360 LLC would provide a more complete picture of the financial performance of this joint venture and its potential impact on Crowne Plaza's overall financial health.