Spanish hotel chain NH Hoteles said it has sold the St Ermin's hotel in London's Westminster in efforts to 'reinforce its liquidity'. The disposal of the 275-room hotel is 'in line with the asset divestment plan announced by the company last year,' it added. The property was acquired by a consortium of New York-based private equity real estate group Angelo Gordon & Co, US hotel project developer Amerimar Enterprises and Gracemark Investments for around EUR 75 mln.
Spanish hotel chain NH Hoteles said it has sold the St Ermin's hotel in London's Westminster in efforts to 'reinforce its liquidity'. The disposal of the 275-room hotel is 'in line with the asset divestment plan announced by the company last year,' it added. The property was acquired by a consortium of New York-based private equity real estate group Angelo Gordon & Co, US hotel project developer Amerimar Enterprises and Gracemark Investments for around EUR 75 mln.
NH Hoteles incorporated the historic hotel into its portfolio in 2007, as a result of acquiring the Italian hotel chain Jolly Hotels. After the sale, NH Hoteles will hold three hotels totalling more than 500 rooms in London.
'NH has regarded the hotel as non-strategic for the group due to the refurbishment capital expenditure required of close to EUR 31 mln, in order to position the hotel within the standards that NH Hoteles offers to its guests,' it said in a statement. Moreover, the transaction offsets the risk involved in the refurbishment of an historic and protected hotel.
Together with the recent sale of three other hotels in Mexico, this transaction will bring total sales carried out by the group since the beginning of 2010 to EUR 117 mln.
In the Netherlands, Park Plaza Hotels announced that it has acquired one of the largest conference hotels in the country, located near Amsterdam Schiphol Airport. The property, currently operating as the Holiday Inn Amsterdam Schiphol, opened in 2007 and offers 342 guestrooms as well as over 1,800 m2 of meeting space. The financial details were not disclosed.