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NH Hotel to sell Amsterdam property in €155.5M sale-leaseback deal with Deka

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NH Hotel to sell Amsterdam property in €155.5M sale-leaseback deal with Deka

NH Hotel Group agreed to sell the real estate property in Amsterdam where the 274-room NH Collection Barbizon Palace hotel is located to German asset manager Deka Immobilien in a €155.5 million sale-leaseback deal.

The transaction is set to close by the end of January 2018, and NH Hotel will be able to continue to operate the hotel on "sustainable and profitable terms" for an initial 20-year period, with an option of extending the lease for two additional 20-year periods, according to a release.

The sale will result in the recognition of an estimated accounting gain of €55 million for NH Hotel in 2018.

NH Hotel also reiterated its EBITDA guidance for 2018 at €260 million.