NH Hotels sells 20% to Chinese company

NH Almenara Golf Hotel & Spa

SPAIN (Agencies) Twenty percent of NH Hotels, the owners of the luxury Sotogrande resort and hotels in the area as well as all over Spain and other places in Europe, has been bought by the Chinese HNA corporation in a deal that was valued at €329.850 million, 23.5% less than the €431.6 originally anticipated. This valued each NH share at €5.35, less than the 24% talked about in May when the deal was first mooted, but 64% more than the share price at closing on Friday. The deal is expected to ease the Spanish company's entry into the Chinese market, for which there are plans to capitalize on the experience in the leisure resort industry acquired with the purchase of Sotogrande several years ago.