NH Hotels netted revenues for 85.6 million euros in 2002

Spain-based NH Hotels –Europe’s third largest chain for business travelers- rounded up 85.6 million euros in gross benefits all through 2002 for a 4.9 percent increase compared to the year before. In the same breath, the volume of operations rose to 930.1 million euros, 22 percent more than in 2001, group officials explained in a press release sent to Spanish business authorities.

The year 2002 closed with a walloping 27 million euros (approximately the same amount in U.S. dollars) worth of earnings thanks in part to a surplus money out of six hotels the company sold last year.

The hotel chain’s gross surplus, though, shrank 0.7 percent down to 223.6 million euros.

The increase in NH Hotels’ volume of operations stems primarily from the acquisition of 53 resorts in early 2002 from Astron Hotels, Germany’s number three hotelier.

The group’s debt had peaked 660 million euros in late 2002 compared to 614 million euros the year before.

Today, NH owns 239 hotels in 16 countries from Europe, Latin America and Africa.