US private equity firm KKR has indicated it may be prepared to buy into ailing European listed hotel operator NH Hoteles.
US private equity firm KKR has indicated it may be prepared to buy into ailing European listed hotel operator NH Hoteles.
The Spanish hotel group has debts of almost EUR 1 bn and generated EUR 190 mln of operating profit last year. A third of the shares in the company are held by equally debt-laden saving banks, who are under pressure to exit unprofitable investments and shed toxic assets.
KKR has confirmed media reports that it is mulling the acquisition of a 15-16% stake held by banking group Bankia in NH Hoteles for EUR 100 mln. Other options would be to buy bonds or shares.
NH Hoteles said in a statement to the stock market regulator that it has received a preliminary approach from KKR which it is studying.
