The NH hotel group is preparing to sell a portfolio of hotels in Europe for 200 million euros to recover some economic capacity due to the crisis generated by Covid-19. Among the countries indicated are Portugal, Germany and the Netherlands, as reported by “El Economista” this Thursday, October 29.
In contacts with potential investors, NH has already demonstrated its intention to dispose of consolidated, non-strategic hotels and keep them under management (sale & leaseback). The hotel chain should not include any relevant hotel in Spain in this operation.
Sources in the process explain that "this is not the time to sell some of your jewelry, such as NH Eurobuilding in Madrid and NH New York". The process is still in an initial phase and the network controlled by the Thai company Minor awaits a new stabilization to start definitively with the business, having already recorded losses of 278 million euros.
Potential buyers include investment funds that already occupy prominent positions in hospitality in Europe. At the end of the first half of this year, NH's gross financial debt reached 761 million euros, resulting in a net financial debt of 435 million euros.
The NH group has 368 hotels in 30 countries in Europe, America and Africa. In Portugal, the NH group now has 17 hotels, six in the Algarve, five in Lisbon, two in Porto, one in Coimbra and Évora and two in Sintra.