NH Hotels has acquired 90% of Iruña Park in Pamplona in a €24m (Pts4bn) deal with the present owner Javier Catalán.
He will retain a 10% stake in the property and will use the money to open five extra hotels in Lisbon, Brussels, A Coruña and Madrid, expanding the Zenit chain.
NH continues to maintain a strong rhythm of investment, even though shares fell by 0.18% (€11.17/Pts1,859) on Monday. The hotel group launched a takeover bid to increase its 37% stake of Sotogrande on 5 October, in an effort to reinforce its presence in the tourist industry.
The group has also has a number of investments in Argentina and other parts of Latin America.
Expansion, 13 October 1999, page 7
