European Hotelier Hawks Manhattan's Jolly Madison Hotel

Law360, New York (April 18, 2012, 4:20 PM EDT) -- European hotel management company NH Hoteles has put the NH Jolly Madison Towers hotel in Manhattan — its only U.S. asset — up for sale as part of an effort to generate revenue as it refinances its debt, spokesman Lucas Martinez said Wednesday.

NH Hoteles, faced with economic difficulties heightened by Europe's volatile markets over the past several quarters, has implemented intense cost-cutting and management restructuring measures and refocused its resources on primary assets in Europe and Latin America.

In connection with this plan, the company...
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