According to Bloomberg, “Oaktree Capital Group LLC (OAK) and Cerberus Capital Management LP are among bidders for NH Hoteles SA (NHH)’s real-estate unit Sotogrande (STG) SA as the Spanish hotelier reorganizes its assets to cut costs and debt, people familiar with the matter said.”
The sale of the luxury development of the same name in southern Spain is said to fetch “more than 200 million euros” according to individuals close to the deal.
Other assets that also belong to Sotogrande, S.A. include a polo field, a marina for boats and yachts as well as assets in Mexico, the Dominican Republic and Italy.
NH Hoteles has been pursuing the sale of Sotogrande for several years now. The hotel chain has a 98 per cent stake in Sotogrande according to filings.