Spanish 
English ANEXO II: ASSOCIATES
| Investee company | Registered address of investee company | Main activity of the investee company | Parent company's % stake in investee company | % of voting rights controlled by parent company |
| Borokay Beach, S.L. | Madrid | Hotel business | 50% | 50% |
| Consorcio Grupo Hotelero T2, S.A. de C.V. | Mexico city | Hotel business | 10% | 10% |
| Inmobiliaria 3 Poniente, S.A. de C.V. | Puebla | Hotel business | 27% | 27% |
| Mil Novecientos Doce, S.A. de C.V. | Mexico | Hotel business | 25% | 25% |
| Losan Investment, Ltd. | London | Hotel business | 30% | 30% |
| Sotocaribe, S.L. | Madrid | Holding | 36% | 36% |
| Hotelera del Mar, S.A. | Mar de Plata | Hotel business | 20% | 20% |
| Hotel & Congress Technology, S.L. | Madrid | Servicios I+D | 50% | 50% |
| Beijing NH Grand China Hotel Management Co, Ltd. | Pekin | Hotel business | 49% | 49% |
All companies end the year on 31/12/2017
