NH Hoteles agrees to sell its London St. Ermin's hotel to an international investor group for EUR 75m
Friday 30, April 2010
NH Hoteles will reinforce its liquidity with the sale of the hotel Jolly St Ermin's, in line with the asset divestment plan announced by the Company last year.
The 275-room hotel, located in Westminster, was incorporated by NH Hoteles when it acquired the Italian hotel chain Jolly Hotels in 2007After recently incorporating another hotel in London into the Group, under the management agreement with the hotel chain Hesperia, NH Hoteles will continues with a significant presence in London, with 3 hotels totalling more than 500 rooms.
NH Hoteles keeps its commitment to sell non-strategic assets as announced in 2009. An investor group which includes Angelo, Gordon & Co, Amerimar Enterprises and Gracemark Investments have committed with NH Hoteles the sale and purchase of the Jolly St Ermin´s hotel in London, for £65M, approximately €75M.
NH Hoteles incorporated the historic 275-room hotel into its portfolio in 2007, as a result of acquiring the Italian hotel chain Jolly Hotels. NH has regarded the hotel as non-strategic for the Group due to the refurbishment capital expenditure required close to €31M, in order to position the hotel within the standards that NH Hoteles offers to its guests. Moreover the transaction offsets the risk involved in the refurbishment of a historic and protected hotel.
On the other hand, NH Hoteles has recently added to its portfolio a hotel located in the same area as the Jolly St Ermin's hotel, under the management agreement reached with the hotel chain Hesperia. This addition means that NH Hoteles keeps its presence in London, where it operates 3 hotels with more than 500 rooms.
The non-strategic asset divestment plan announced by NH Hoteles last year is part of the efficiency and structural cost reduction plan which the Company has been implementing since late 2008. This transaction together with the recent sale of other 3 hotels in México will account for €117M of the divestment plan, since the beginning of 2010.
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