NH-Hesperia link formalised
NH Hoteles said it had now formally acquired rival chain Spanish chain Grupo Hesperia.
The major Spanish group said the price would be based on the operating result of Hesperia in the second half of 2009 "multiplied by a co-efficient of 3.75".
Under the deal which was first announced in September, Javier Illa Ruiz, Hesperia's ceo, will join the NH board.
NH, whose properties are widely used by business travellers, said it had also set up an integration committee to write up a synergy plan for the merger by the first quarter of 2010.
Under the take over, NH will manage the 51 hotels that were owned or operated by Hesperia.
This will bring NH's portfolio to 400 hotels with more than 60,000 rooms in 22 countries.
The integration committee will aim to identify possible savings in sales and purchasing, operations and technology.
NH said: "The plan's objective is to generate significant synergies both at income and expenditure level, giving NH Hoteles greater competitiveness."
www.nh-hotels.com www.hesperia.com