• NH Hoteles will reinforce its liquidity with the sale of the hotel Jolly St Ermin´s, in line with the asset divestment plan announced by the Company last year
  • The 275-room hotel, located in Westminster, was incorporated by NH Hoteles when it acquired the Italian hotel chain Jolly Hotels in 2007
  • After recently incorporating another hotel in London into the Group, under the management agreement with the hotel chain Hesperia, NH Hoteles will continues with a significant presence in London, with 3 hotels totalling more than 500 rooms

NH Hoteles keeps its commitment to sell non-strategic assets as announced in 2009. An investor group which includes Angelo, Gordon & Co, Amerimar Enterprises and Gracemark Investments have committed with NH Hoteles the sale and purchase of the Jolly St Ermin´s hotel in London, for £65M, approximately €75M.

NH Hoteles incorporated the historic 275-room hotel into its portfolio in 2007, as a result of acquiring the Italian hotel chain Jolly Hotels. NH has regarded the hotel as non-strategic for the Group due to the refurbishment capital expenditure required close to €31M, in order to position the hotel within the standards that NH Hoteles offers to its guests. Moreover the transaction offsets the risk involved in the refurbishment of a historic and protected hotel.

On the other hand, NH Hoteles has recently added to its portfolio a hotel located in the same area as the Jolly St Ermin's hotel, under the management agreement reached with the hotel chain Hesperia. This addition means that NH Hoteles keeps its presence in London, where it operates 3 hotels with more than 500 rooms.

The non-strategic asset divestment plan announced by NH Hoteles last year is part of the efficiency and structural cost reduction plan which the Company has been implementing since late 2008. This transaction together with the recent sale of other 3 hotels in México will account for €117M of the divestment plan, since the beginning of 2010.

ABOUT NH HOTELES

NH Hoteles ()ranks third among European business hotels. NH Hoteles currently has 393 hotels with 58.848 rooms in 24 countries in Europe, America and Africa. NH Hoteles has at present 39 new projects for hotels under construction, which will provide 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 ANGELO, GORDON & Co. ()

Angelo, Gordon & Co. was founded in 1988 and has approximately $21.0 billion under management. Currently, the firm’s investment disciplines encompass four principal areas: (i) distressed debt and leveraged loans, (ii) real estate equity and debt, (iii) private equity and (iv) multi-strategy. Angelo, Gordon & Co. employs approximately 200 professionals and is headquartered in New York, with associated offices in Los Angeles, Chicago, London, Amsterdam, Hong Kong, Seoul, and Tokyo. The firm partners with real estate operating companies to purchase real estate and debt.

ABOUT AMERIMAR

Amerimar has a 20+ year track record of creating and operating unique and successful hotel projects. Recent hotel projects include The Hutton Hotel (Nashville Tennessee), The George Hotel (Washington DC) and the Hotel Derek (Houston, Texas).

Amerimar’s focus is on creating, designing, branding and operating profitable hotels with distinct points of differentiation. In a world of increasing commoditization, Amerimar creates truly unique,memorable and successful projects to which customers respond. Amerimar has also emerged as a leader in green hotel development.

Amerimar’s projects include some of the best boutique hotels in the U.S. The Hutton Hotel is part of the Leading Hotels of the World; it was also recently named to Conde Nast’ Traveler’s Hot List for 2010. The Hotel George, created by Amerimar in 1999, was Washington D.C.’s first boutique hotel and was part of Preferred Hotels and Resorts, as was Hotel Derek in Houston, Texas.