NH Hotel Group has signed with LaSalle Investment Management the sale of the NH Collection Barcelona Gran Hotel Calderón for 125.5 million euros. The operation brings the hotel company closer to its goal of completing € 200 million asset rotations this year.
The agreement reached is an operation of 'sale & leaseback', for which a rental is associated with which the hotel company you can continue to enjoy the complex for a period of 20 years. In addition, there is the option of extending it twice for the same time each.
The lease will be variable, defined with a percentage of the income obtained, with a guaranteed minimum rent that represents a return of 4.14% on stabilized fixed income from the third year. During the first two exercises, a growing fixed income has been agreed in order to adapt to the recovery post-COVID with ease.
This assumes a coverage ratio of 1.7 times EBITDAR divided by fixed income plus property tax. The lease also includes a loss limit mechanism that reduces risk.
This operation helps NH achieve the goal of obtaining 200 million euros that will be used to strengthen liquidity and reduce the company's debt in 2021.
The NH Collection Gran Hotel Calderón It is one of the most representative hotels of the company and of the city of Barcelona. It is located on the Rambla de Catalunya, has 255 rooms spread over 11 floors and has a swimming pool on the terrace.