NH Hotel Group SA reported its first-quarter sales and results, noting recent activities and plans for the remainder of the year.
During the reporting quarter, the Spanish hotelier said it completed the €155.5 million sale and leaseback of the NH Collection Barbizon Palace hotel in Amsterdam. The 274-room property was sold to German asset manager Deka Immobilien in February, registering a net posttax cash worth roughly €122 million.
The trade was previously noted to result in an estimated accounting gain of €55 million in 2018 and the company will continue to operate the hotel through a long-term lease agreement.
Looking into the second quarter, the board resolved to carry out the early redemption of €250 million of its convertible bonds due November. The redemption will conclude NH Hotel's debt reduction initiative that commenced in 2015
For full-year 2018, the hotel operator confirmed its earnings before interest, taxes, depreciation and amortization forecast at €260 million.