rotator
rotator
rotator
rotator
rotator
rotator
rotator
News

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 agrees to sell its London St. Ermin's hotel to an international investor group for EUR 75m

 

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.

 

 

 

Bookmark and Share

 

^ back to top

 

Find the best deals available today

The grey menu on the right is your best friend. Always check before you travel.

Plan your trips with the help of great resources

More and more travellers think that researching and planning a European city break is half the fun and they're not interested in pre-arranged trips or escorted tours. Self-guided tours offer a lot of advantages but require some guidance and good resources.

 

Clean, green and very pristine

Top 10 most environmentally pure countries

With the recent wild fires, disrupting flights and increasing air pollution, environmental quality is a growing factor in attracting tourists.

 

Rooftop

Top 15 most spectacular hotel rooftop views

The hotel price comparison site www.trivago.co.uk has put together a list of the fifteen most spectacular hotel rooftop terraces in the world.

Latest offers, discounts and more...

Accor “3=2 offer”
Why not extend your stay? 3 nights for the price of 2.
Columbus Direct travel insurance
Quality cover at low prices to customers all around the world.
Priority pass
Access VIP lounges no matter where which airline and class you fly.
European City Cards
See more and pay less! Get your "passport" to European cities.
Rail Europe
Comfortable and affordable on European trains.
Lonely Planet Magazine
Packed with insider knowledge, hints and tips.
Sandemans New Europe City Tours
Free walking tours in 13 cities within 9 countries.
Sol Melia Wednesdays
Search your exclusive special offers now for the coming weekend!
Transfers
Low-cost shuttle and private transfers in over 70 countries.
IMEX Frankfurt 25-27 May
The essential worldwide exhibition for incentive travel, meetings and events.
Subscribe to Travelio News Summary via RSS Follow our news titles on Twitter Become a fan of Travelio.net on Facebook Bookmark and Share