...Operating Performance Improving: 2014 and 1H15 results showed EBITDA profitability increase, as revenue per available room (RevPar) at last showed reasonably good growth. Encouragingly, average room rate increases were above those from increased occupancy (2Q15 prices up 11.0% and occupancy +0.3%). This positive trend should be maintained in 2015 as refurbishment allows good average room rate rises. Attractive Hotel Portfolio: The majority of NH Hotel Group S.A.'s (NHH) properties are in or around major European and Latin American cities. As a result, the portfolio's valuation (EUR1.6bn at end-2014) has proven resilient and become a primary source of liquidity in recent years. The properties further benefit the group by serving as collateral for its secured debt. Declining Lease Liabilities: During 2014 the group terminated leases and renegotiated lease contracts, resulting in an annual saving of around EUR10.7m p.a. This process should continue, giving some additional financial flexibility....
