Shares in NH Hoteles tumbled by more than 10 per cent yesterday after a Chinese state-backed company withdrew from a deal to buy a stake in the indebted Spanish hotel chain, which is facing crunch negotiations with its lenders.
NH, Spain’s largest business hotel operator by locations, said HNA Group, a tourism group controlled by the Hainan province in China and parent of the Shanghai-listed Hainan Airlines, had backed out of the deal, announced in May, to buy 20 per cent of NH due to “volatility and current financial uncertainty”.
HNA’s exit from the deal will leave NH struggling under net debts of more than €1bn and a ratio of net debt to earnings before interest, taxation, amortisation and depreciation of 6.5.
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