drawn down. At the close of the 2020 financial year it had a credit line for 17 million euros and a syndicated
credit line for 236 million euros (both drawn down).
In June 2021, the rating agencies confirmed NH Hotel Group’s rating within the issue of the new bond for 400
million euros maturing in 2026 which occurred in June. On 14 June 2021, Fitch confirmed NH Hotel Group's
rating at 'B-' with a negative outlook. On 15 June 2021, Moody's confirmed NH Hotel Group's corporate rating
at 'B3’ with a negative outlook. It should be noted that both agencies have stated that NH is managing the
recovery with satisfactory financial flexibility and deleveraging capacity, with a significant portfolio of owned
assets. In turn, Moody’s reconfirmed NH Hotel Group’s corporate rating at “B3”, with a negative outlook, in its
last publication on 29 December 2021.
As a result of the public offering on 31 October 2018, along with the capital increase in September 2021, Minor
currently owns 410,183,997 shares in NH Hotel Group, S.A. representing 94.13% of its share capital. Since
2018, both companies have begun to explore joint value creation opportunities for the coming years.
Minor Hotels and NH Hotel Group have integrated their brands under a single corporate umbrella present in
more than 50 countries around the world. In this way, a portfolio of more than 500 hotels under eight brands is
organised: NH Hotels, NH Collection, nhow, Tivoli, Anantara, Avani, Elewana and Oaks, which completes a
wide and diverse spectrum of hotel proposals connected to the needs and desires of global travellers.
Both groups currently share their knowledge base and experience in the sector in order to materialise short-term
opportunities, taking advantage of the complementarity of their hotel portfolios to define a global sales strategy,
the implementation of economies of scale with a broader customer base, explore development pathways for all
their brands in different geographical areas and access to shared talent.
COVID-19 impact and the measures implemented
After the start of the COVID-19 pandemic in the middle of March 2020 in Europe, demand for hotels dropped
drastically due to lockdowns, travel restrictions and social distancing, which drastically affected mobility.
The gradual reopening of hotels was made possible by the flexible costing structure and began in the middle of
2020, progressively, depending on recovery of domestic demand and with a focus on optimising profitability.
With the gradual roll out of vaccines since the beginning of 2021, a turning point was beginning to be seen that
– together with the progressive lifting of restrictions in some European countries – was allowing a faster
reopening of the portfolio once again. Therefore, at the end 2021, around 90% of the hotels were open,
compared to 60% at the beginning of the year.
In 2020 NH Hotel Group put “Feel Safe at NH” into place in all its hotels. This is a new plan, with measures
approved by experts, to face up to the health crisis caused by the SARS-CoV-2 coronavirus. The Company has
reviewed all its procedures and made nearly 700 adaptations to its operating standards to preserve the health and
safety of travellers and employees worldwide. Grouped into 10 main lines of action and backed by specialists in
different fields, the measures implemented cover the digitisation of hotel services, adapting sanitation processes,
including social distancing regulations in operations and the application of personal protective equipment,
among others. We also reached a collaboration agreement with SGS, the world leader in inspection, analysis and
certification, which allows us to follow up on the measurement and diagnostics protocol established to verify
that the Group's hotels are clean and safe environments.
In spite of the low level of demand, its flexible operational and financial structure has enabled the Group to
overcome the major challenges in 2020 and 2021. The Group will benefit in the first stage of recovery from
brand recognition, excellent locations and strong market positioning, once recovery accelerates in Europe.
Contingency Plan
As a result of the exceptional circumstances that occurred after the start of the global pandemic (COVID-19),
the Group implemented different measures and plans to adapt the business and ensure its sustainability with the
aim of minimising costs, preserving the Company's liquidity to meet operational needs and ensure that the