Oaktree to Cerberus Said to Eye NH Hoteles’ Sotogrande
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Oaktree Capital Group LLC and Cerberus Capital Management LP are among bidders for NH Hoteles SA’s real-estate unit Sotogrande SA as the Spanish hotelier reorganizes its assets to cut costs and debt, people familiar with the matter said.
The investment firms are handing in offers this month for Sotogrande, which may fetch more than 200 million euros ($277 million), the people said, asking not to be identified because the process is private. Binding offers are expected at the beginning of June, one of them said. Jefferies Group LLC is helping NH Hoteles with the sale process of its 98 percent stake in Sotogrande, the people said.