Spanish hotel chains NH Hoteles and Hesperia have signed an agreement for the integration of their hotel management businesses. The deal implies the creation of the largest Spanish hotel group within the urban segment, the two partners said in a statement.
Spanish hotel chains NH Hoteles and Hesperia have signed an agreement for the integration of their hotel management businesses. The deal implies the creation of the largest Spanish hotel group within the urban segment, the two partners said in a statement.
Under the operation, NH Hoteles will be responsible for the management of 51 hotels that are currently owned or operated by Hesperia. At the same time, Hesperia, which owns over 25% of NH Hoteles after the capital increase carried out in July 2009, will join the board of NH Hoteles.
According to the companies the agreement 'aims to consolidate the hotel management business of both groups maximizing synergies through unified management and taking advantage of complementary strategies'. GBS Finanzas is acting as financial advisor for both parties.
Madrid-listed NH Hoteles currently has 349 hotels with 52,676 rooms in 22 countries in Europe, America and Africa. With this agreement the company will operate 400 hotels. NH Hoteles has at present 54 new projects for hotels under construction, which will provide more than 8,000 new rooms.
Hesperia Hotels has a total of 7,786 rooms in 51 hotels, of which 47 are located in the main cities in Spain, one in Andorra, one in London and two in Venezuela.
