NH Hoteles And Hesperia Formalize Their Integration
- NH Hoteles acquires the hotel management company of Grupo Hesperia.
- The purchase price is obtained through the annualized operating result for the management company in the second half of 2009, multiplied by a coefficient of 3,75.
- NH Hoteles Board of Directors has designated Javier Illa Ruiz as member of the Board, representing Group Hesperia.
- NH Hoteles has created an Integration Committee with the aim of creating an optimization and synergies plan that should be ready for the first quarter of 2010.
- NH Hoteles has agreed to convene an Extraordinary Shareholders Meeting for December 3rd, to propose both to extend the limitation of voting rights of shareholders to 20% and to reduce to 51% the quorum to modify or remove this limitation.
Through this agreement, NH Hoteles acquires the management company of Grupo Hesperia. The purchase price is obtained through the annualized operating result for the management company in the second half of 2009, multiplied by a coefficient of 3,75. With this deal, NH Hoteles assumes the management of all Hesperia hotels and not the purchase of their owned or leased hotels. In addition it reinforces the national and international presence of NH Hoteles without recurring to either capital or debt increases.
At the same time, Hesperia joins the Board of NH Hoteles. Javier Illa Ruiz, Hesperia’s CEO, enters the Board of NH Hoteles, substituting Manuel Herrando y Prat de la Riba who will continue working for NH in his current position as President of Sotogrande, the Group’s Real Estate division.
An Integration Committee has been created in order to maximize the synergies through the unified management of all hotels. This committee will be in charge of designing an efficiency and optimization plan for both companies. This plan that should be ready for the first quarter of 2010, will define the actions concerning issues like sales and purchase management, operational efficiency of the two brands, technological platform among others. The plan’s objective is to generate significant synergies both at income and expenditure level, giving NH Hoteles greater competitiveness.
One the integration has been formalized, NH Hoteles has agreed to convene an Extraordinary Meeting of Shareholders to be held on 3rd December to propose both to extend the limitation of voting rights of shareholders from 10% to 20% and to reduce from 75% to 51% the quorum to modify or remove this limitation.
ABOUT NH HOTELES | NH Hoteles () ranks third among European business hotels. NH Hoteles currently has 349 hotels with 53,385 rooms in 22 countries in Europe, America and Africa. With this agreement the company will operate 400 hotels. NH Hoteles has at present 50 new projects for hotels under construction, which will provide more than 7,000 new rooms.
NH Hoteles stands out in quality both as regards services and facilities, with very carefully thought out decoration, intended to please all tastes and making the guest feel comfortable. NH Hoteles’ establishments offer the most advanced technologies designed to facilitate the guest’s communication as well as his work and leisure.
The restaurants are another priority for hotels in the Chain, offering guest first-rate cuisine. Furthermore, the prestigious restaurateur Ferran Adrià, creator of El Bulli restaurant, has entered into an association with NH Hoteles, launching new concepts such as “nhube” and “Fast Good”, pioneering spaces in the hotel sector.
NH Hoteles is a responsible company in the Tourism industry. The Chain offer hotel services which anticipate present and future needs of both our internal and external stakeholders (Employees, Clients, Shareholders, Suppliers, Environment, etc.), the communities where we operate and future generations with maximum attention to detail and efficient and sustainable solutions.
NH Hoteles is listed on the Stock Exchange of Madrid.
ABOUT HESPERIA | Hesperia Hotels, with more than thirty years of experience in the hotel sector, has a total of 7.786 rooms in 51 hotels, of which 47 are located in the main cities in Spain, 1 in Andorra, 1 in London and 2 in Isla Margarita (Venezuela).
The wide range of hotels of the group consists of luxury urban hotels in the cities of Madrid, Barcelona and La Coruña; resort hotels with exclusive spa services and golf; urban and leisure hotels. All of them offer an exclusive service and careful customer attention in order to achieve comfortable and high quality stays.
One of the aspects that better defines the Hesperia group is quality, understood in the broadest sense. The Hesperia slogan “We are hoteliers”, not only defines the character of the hotel chain, but also clearly communicates the firm’s commitment in providing its customers a complete quality service in all of its establishments.
Hesperia’s commitment to the haute cuisine began in 2000 with the recognized chef Santi Santamaria and the restaurant Sant Celoni, in the Hotel Hesperia Madrid, that has been awarded with two Michelin stars. The second establishment opened its doors in 2006, led by Santi Santamaria in collaboration with Hesperia, the so-called Evo, located in the transparent dome of the Hesperia Tower Hotel, and awarded with its first Michelin star a few months after.