February 27, 2013 / 7:26 PM / 5 years ago

Spain's NH Hoteles signs deals to ease financial woes

MADRID, Feb 27 (Reuters) - Spain’s NH Hoteles said on Wednesday it has signed a series of deals to improve its financial situation, including the entrance of China’s HNA as a new shareholder.

NH Hoteles, with 1 billion euros ($1.3 billion) of debt, said it would issue 234 million euros of new shares at 3.80 euros each to allow the entrance of HNA with a 20 percent stake.

It has also agreed to sell five hotels to U.S. investment fund Hospitality Properties Trust (HPT) for $70 million. In addition, HPT will give the hotel group a 170 million euro loan.

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