NH Hoteles is looking to list up to another 49% of its luxury property unit Sotogrande in the next few months to finance acquisitions or cut debt, Spanish newspaper Expansion reported, citing NH Hoteles' chairman Gabriele Burgio.

NH Hoteles is looking to list up to another 49% of its luxury property unit Sotogrande in the next few months to finance acquisitions or cut debt, Spanish newspaper Expansion reported, citing NH Hoteles' chairman Gabriele Burgio.

The chairman told the newspaper that NH Hoteles values Sotogrande at about EUR 900 mln, and that it is targeting around EUR 450 mln from the listing. NH Hoteles announced last Friday its EUR 1.3 bn investment plan for the next three years.

Commenting on earlier market rumours that NH Hoteles may be exposed to a takeover by the hotel group Hesperia, Burgio said Hesperia, which currently holds 23.6% of NH Hoteles, will not be allowed to enter NH Hoteles' board.