22 January 2016 – Expansión
The NH Hotel Group is strengthening its presence in Madrid. The chain will replace Meliá as the operator of Hotel Suecia after the property was purchased by the fund Internos Global Investors for €45 million. The consultancy firm JLL has served as advisor to the operation. The hotel will close this summer and will reopen in September as the 5-star NH Collection Cibeles – it is currently a 4-star hotel. NH, which will operate the property under a lease arrangement, now has more than 30 hotels in Madrid and may grow its portfolio further, albeit selectively.
Over the next four years, NH plans to open 19 hotels in 13 countries. In 2016, it will open properties in Spain, Italy and Mexico, amongst others. NH will also continue refurbishing hotels with a focus on the NH Collection, its premium brand.
Revenues in Spain, Portugal and Andorra rose by 8.9% during the 9 months to September and accounted for 23% of the group’s total income.
Original story: Expansión (Y.Blanco)
Translation: Carmel Drake