8 November 2019 – Baraka is planning to convert the former Cinema Ideal in Alicante into a four-star hotel in a total investment of nearly twenty million euros. The firm is negotiating to buy the property from its current owners for approximately €6 million and to invest another 13 million euros in the renovation.
The firm is looking to convert the asset into a 60-room hotel, including a restaurant, gym and lounge bar. Baraka hopes to inaugurate the hotel in 2022. NH has agreed to operate the unit under its NH Collection brand during a 20-year lease.
Original Story: Alicante Plaza – Raúl Navarro
Adaptation/Translation: Richard D. K. Turner
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