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Spanish hotel chain NH Hoteles has revised downward the price of the sale of a 20% stake to China’s HNA Group, better reflecting NH’s share price, which has tumbled by nearly 50% since January. The deal was originally announced in May.
The Chinese group will now pay €330m for a 20% stake, compared to the €432m originally offered, and based on €5.35 per share against €7 per share, which still represents a 64% premium on NH’s current share price of €3.26, the firm said in a statement.
The Spanish hotel chain will carry out a capital increase, issuing 60m shares at a price of €5.35 per share, which will make HNA the second-largest stakeholder after Hesperia, with 24%, and provide NH with a much-needed injection of liquidity and reducing its debt from €1.1bn to €787m.
The deal foresees the opening of two or three NH-brand hotels in China in 2012, with the Spanish chain keen to open “dozens” of hotels in what is perceived as a high-growth hospitality market over the coming years.
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