Private Equity Funds Buy Sotogrande SA From NH Hotels Group For 225 Million Euros

[Haia]

NH Hotel Group has announced the sale of 96.997 per cent of Sotogrande SA for 225 million euros. The sale of the development and its Spanish assets goes to the private equity funds Cerberus and Orion.
“This transaction gives the Group’s business plan a strong boost as this cash inflow was not contemplated when the plan was originally formulated; the proceeds will enable us to tackle the company’s transformation from a position of even greater strength and visibility“, said Federico J. González Tejera, CEO of NH Hotel Group.
The purchase agreement announced October 16th has brought years of speculation and rumors concerning the possible sale to a rest.

[Mary Naeem]

Thanks, Haia