
China's HNA gets cold feet and calls off their partnership with Spain's NH Hoteles
HNA blames market volatility for its change of heart, which leaves NH Hoteles without a much needed cash-injection of 329.9 million euros (20% stake in the company) to reduce its debt. Reuters reports that NH Hoteles' stock prices went down 13 pct.While NH Hoteles recieves a 15 million euros compensation package from HNA, the two companies have not ruled out working together in the future in another acquisition-of-stakes scheme."NH Hoteles has to refinance some 600 million euros in 2012, which Banesto Bolsa analysts said might now prove difficult, forcing the company to hike capital," states Reuters.While NH Hoteles recieves a 15 million euros compensation package from HNA, the two companies have not ruled out working together in the future in another acquisition-of-stakes scheme.