Moody's Investors Service has placed on review for possible downgrade approximately 191.2 million pounds (about $350 million) of notes secured by 32 properties operated by Thistle Hotels PLC in the United Kingdom.The notes in question are the class C, D, and E notes issued by HOTELoC PLC. All required payments on the notes have been made in full and on time, but the hotels' performance has been below budget, property-related planning has lagged expectations, and there are outstanding litigation issues related to the transaction, according to Moody's.
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