NH at the Verge of Selling Sotogrande to Cerberus For €225 Mn

31/07/2014 – ExpansionPro

NH Hotel Group nears signing a contract on transferring its real estate affiliate Sotogrande to Cerberus for €225 million. The transaction is expected to be nailed down within the next weeks.

However, still yesterday NH assured the National Stock Market Commission that sale of the asset which has been in the group´s hands since 2006 is not confirmed. The Sotogrande complex at stake stands in the city of San Roque (Cadiz). Thus, the outside-of-Spain projects, located in Italy, Mexico and in the Dominican Republic will remain in possession of NH but sooner or later they will be sold as well.

Likewise, NH will still rent the two 4* hotels situated inside the complex, totalling 254 rooms. The group will destine the proceeds from the sale for trimming its €801 million indebtness.

 

Original article: ExpansionPro (by Y. Blanco, 31 Julio 2014, pp 4)

Translation: AURA REE

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