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NH Hotel Group reduces its losses on 1st semester 2014 by 10.8%

On the first six months of the year, the Spanish hotel group reported a recurring loss of 25.4 million euros, or 10.8% less than during the same period last year.

For the first semester 2014, consolidated net earnings for NH Hotel Group were affected by the disposal of the NH Grand Hotel Krasnapolsky in 2013, which continues to be operated by the group through a management contract, and that of the Amsterdam Center in the last quarter (read article). Thus, the net earnings of the group, including non-recurring elements, posts a loss of 42.8 million euros.

On the first six months of the year, NH Hotel realized turnover of 614.2 million euros, down by 1.1% with respect to 620.8 million euros realized in the first semester 2013. Its EBITDA is also down by 13.3%, to 45.7 million euros, due to the exit of several properties from NH Hotel's portfolio and the negative impact of exchange rates in Latin America. Between January and June, the EBIT also dropped by 60% to 3.1 million euros.

Out of 44 properties that the Spanish group planned to sell in its plan to reposition the network, 25 left the group's on June 30, 2013. Agreements were also signed with owners regarding keeping 13 hotels under NH brands, and the group should sell six other properties in the second semester of the year. Moreover, NH Hotel Group reduced rental costs by 1.9% through contract renegotiation, primarily in Spain and Italy, and the cancellation of four unprofitable contracts.

In the first semester, the net debt of the group shrank by 77.1 million euros, compared to the first quarter, and is now 724.8 million euros.

Also on the subject:

  • Interview with Federico Gonzalez Tejera, CEO at NH Hotel Group
  • Foncière des Régions acquires the NH Hotel Amsterdam Center
  • Intesa approves HNA buyout of NH Hotel


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