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NH Hoteles says in exclusive talks on Sotogrande sale
July 30, 2014 / 9:00 AM / 3 years ago

NH Hoteles says in exclusive talks on Sotogrande sale

MADRID, July 30 (Reuters) - Spain’s NH Hoteles said in a statement on Wednesday that it is in exclusive talks over the sale of its luxury Sotogrande development in southern Spain, sending shares 2 percent higher.

Earlier, website El Confidencial said NH Hoteles had sold the luxury development, which includes golf courses, homes, beaches and dining, to private investment firm Cerberus for 220 million euros ($295 million).

In May, the indebted Spanish hotelier said it was studying asset sales, including Sotogrande, in a move to restructure debt and raise funds for new investments.

Shares in NH Hoteles, which have fallen 7 percent this year, were up 2 percent at 4.06 euros by 0830 GMT.

$1 = 0.7465 Euros Reporting by Tomas Cobos, writing by Tracy Rucinski; editing by Julien Toyer and Jason Neely

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