Click Send and Sell! Three Unconventional Emails with Extraordinary Sales Results

Click 'Send' and Sell! Three Unconventional Emails with Extraordinary Sales Results. By Sam Lorimer. Rated /5 based on 7 reviews.
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The Group celebrates the inauguration of the nhow Marseille. Guidance for FY18 reiterated on back of strong first-half performance and positive outlook. Paco Roncero presents the refurbished Terraza del Casino. NH Collection Casino de Madrid. NH Hotel Group rewards the loyalty of its best customers and relaunches its loyalty programme.

The NH Rewards programme renews its image and increases the rewards offered. At the event to celebrate the award of the 5th star, guests had the opportunity to enjoy a Michelin 5-star gastronomic experience. NH Hotel Group exceeds all its targets. Triples recurring net profit in Revenue growth, efficiency gains and deleveraging.

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First Michelin star for The White Room. NH Hotel Group adds talent and experience to its Development team to accelerate its growth. The Company is leveraging the flexibility of its model and the confidence it inspires to boost its growth. NH Hotel Group has entered into a binding agreement with the German asset manager Deka Immobilien for the sale and lease back of the real estate property where the NH Collection Barbizon Palaces hotel is located.

Under the agreement, NH Hotel Group will begin to operate both establishments from 1 February under year leases. NH Hotel Group will donate nearly rooms to seriously ill children and their families who are traveling for their most heartfelt wishes. The company delivers its deleveraging commitments ahead of schedule. NH Hotel Group launches an innovative online instant booking and payment system for meeting and event rooms. New Instant Booking Tool. NH Hotel Group will open a new nhow hotel in the city of Frankfurt.


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NH Hotel Group reintroduces dividend after nine-year absence. Travelling with the youngest members of the family is now child's play. The Group started to manage its commissions globally using CommPay, the leading commission payments platform in the hospitality sector, in January Net income jumps NH Hotel Group reinforces its leadership of the urban hotel segment in Spain with a new agreement for the management of 28 hotels of its shareholder Grupo Inversor Hesperia.

The Palm Beach Marseille will become a nhow hotel in NH Hotel Group will manage this hotel. The rationale for this transaction is to proactively address the Group's upcoming maturities, extend the average life of its debt, reduce gross debt and lower borrowing costs. NH Collection Frankfurt Messe will open its doors in early in a strategic location of the business district and will be part of a metre-high skyscraper.

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The Company outperforms its competitors and increases its revenues by 5. The Company's upper-upscale brand, NH Collection, continues to expand its international presence in major cities. Execution of the business strategy, coupled with enhanced efficiency, underpinned by above-market growth in revenues, drive solid earnings growth at NH Hotel Group. The Company chooses Mexico City to launch the brand on the continent.

NH Hotel group capitalizes on its business performance and leverages market conditions to successfully accelerate its refinancing process. The Company completes its refinancing process, endorsed by the market. Vermeer restaurant reopens after a thorough renovation. Communication following the Shareholder Meeting. NH demonstrates the potential of its business plan, with solid results at the half-way mark.

Execution of the business plan drives above-guidance first-quarter earnings performance. The Company is strongly committed to its most exclusive brand that will operate 68 establishments by the end of By doing this, the Company's Board of Directors has further evidenced its commitment to transparency and exemplary corporate governance. The Group re-opens three iconic hotels in the Amsterdam city centre.

NH Hotel Group enters in China.

Click 'Send' and Sell! Three Unconventional Emails with Extraordinary Sales Results

NH Hotel Group unveils Chinese brand name and development plans to grow in the country through the joint venture created together with HNA Hospitality. Award-winning business management, technology and corporate and environmental responsibility programmes. The company's return to profitability validates the business plan. Under the umbrella of Hotels with a Heart, the Group's emblematic philanthropic initiative, NH extends its pledge to society. NH reports positive net profit for the first time since NH Hotel Group's third-quarter results. Recognition for the Company's efforts to help stem the tide of climate change.

The Company has signed an agreement with AXA Investment Managers - Real Assets to operate a new hotel development under its nhow brand, amidst the trendy and urban district of Shoreditch and the global financial heart, the City of London.

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NH Hotel Group unites six Michelin stars to offer an extraordinary gastronomic experience. NH to increase its presence in downtown Rome having signed up an historical building converted into a hotel. The Group seals the deal on its sixth hotel, to be operated under the NH Collection trademark, in Italy's capital. Second-quarter revenue rose by 6. NH Hotel Group reinforces its commitment to transparency and best practice. The Company expands its Code of Conduct.

NH confirms its upbeat guidance thanks to the positive evolution of its business plan. Year one of implementation of the business plan has fostered significant improvement in the performance of the hotel business, in the Company's image and in how it is perceived by the market and by travellers. The new governance structure reinforces the Board's long-term composition and achieves more balanced representation for all of the Company's stakeholders, in keeping with best practice in the corporate governance arena. This prestigious award recognizes the standard of hospitality at hotels, based on the opinions that users give on this platform, which is considered the biggest travel website in the world.

Innovative interactive online event planning technology. NH Hotel Group unveils an extraordinary experience: Where customer service reaches a higher level. Another top chef joins NH Collection. NH Hotel Group wins the global tender to operate the largest hotel in Benelux with its nhow brand. NH Collection Eurobuilding — Sony Pictures setting of the first-ever holographic press conference of the film industry. Growth in recurring revenue and EBITDA thanks to the measures taken to stimulate revenues and efforts to control operating costs and leases, offsetting hotel exits and the negative exchange rate evolution.

Strong progress on business plan initiatives allows NH accelerate growth in Latam. NH recycles and uses two tonnes of cork stoppers for the construction of their hotels. NH Hotel Group unveils its new product for the meetings and events segment: High Tech Made Easy.

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NH posts recurring net profit growth of NH doubles its pace of growth in the third quarter. NH Collection presents its flagship: Memorandum of understanding for the creation of a hotel management company. Certified with the HolidayCheck Quality Selection award for excellence. In this sense, the monetary analysis serves as a means of cross-checking the short to medium-term signals from the economic analysis from a medium to longer-term perspective.

Keeping our strategy in mind, let me discuss the economic environment that prevailed before the financial turmoil started in August , for it is vital to understand the causes of the financial crisis and, hence, the role of monetary policy in the run-up to the crisis. Needless to say, this list is by no means complete. World trade had increased to unprecedented levels during that period, and international economic and financial integration had deepened considerably. At the same time, emerging economies, especially in Asia, endowed with the memory of recent currency crises, had started to build up foreign exchange reserves, partly driven by the desire to hedge against the volatility of international capital flows.

What was necessary for this accumulation of reserves were large and persistent current account surpluses, i. These latter countries had been living beyond their means. In some of these advanced countries, the strong consumption growth was driven mainly by increasing household indebtedness. As this had continued unabated over the years, significant global imbalances developed and, until late , a strong global trend of increasing imbalances prevailed in full. This period was also characterised by a widespread tendency of deregulation and the emergence of financial innovations, which were insufficiently regulated.

In fact, these trends were closely connected to the strong forces of globalisation. As one example of such innovations in the financial sector during that time, let me mention securitisation. This sale frees up capital in banks, which can then, in turn, increase their lending. A glance on some US figures serves to illustrate the steep increase in securitisation over the last few years before the turmoil. This shows that, although more pervasive in the United States, excess lending due to insufficiently regulated securitisation activities also affected the euro area. It is easy to recognise the huge benefits of securitisation for growth, but there are also substantial downsides.

The significant increases in sub-prime mortgage lending from onwards, for example, were only possible with the help of securitisation. I do not think that it is too far-reaching to claim that much tighter financial market regulation is needed in order to reap only the positive benefits of securitisation. How are these developments connected with monetary policy, especially with monetary policy in advanced economies?

My answer to this question is that the current financial crisis has shown that there are many linkages indeed. This may have caused potential output, which is a crucial input for the economic analysis of risks to price stability, to have been overestimated. In other words, some of the strong growth we had experienced in that period may have been unsustainable in the first place. Second, the build-up of global imbalances arguably contributed to a distortion in relative asset prices, resulting in a systematic under-pricing of risk in financial markets. Indeed, looking at financial market data from periods as recent as the first half of , you will find embedded credit risk premia, for example for unsecured interbank loans, that are very close to zero and appear amazingly low.

Yet central banks have to rely on functioning financial markets, since they are essential for the transmission of monetary policy signals to the economy. Third, insufficient regulation for financial innovations, as in the case of securitisation, led to the creation of whole asset classes, e. This contributed to the build-up of substantial risks to financial stability, as cash flows in these asset classes would be extremely vulnerable to stagnating or even declining house prices.

Taking all this into account, it can probably be argued that central banks around the world had, to differing degrees, contributed to fuelling asset price bubbles by keeping policy rates at very low levels for a protracted period of time in an environment of robust economic growth, ample global liquidity, continued low inflation rates and low default risks. Before I turn to the renewed debate on whether or not central banks should address asset price bubbles, I would like to say a few words about the monetary policy of the ECB, and the central role of its monetary analysis in the pre-crisis period.

Indeed, the euro has been a remarkable success, and the ECB has delivered what it is expected to deliver under its mandate, namely the maintenance of price stability in the euro area. I think there is broad consensus as regards this observation. Analysing risks to price stability using our two-pillar approach served us well during these times. Let me give you some specific examples of the impact of signals from our monetary analysis on our actions.

It was because of signals from the monetary analysis that we stopped lowering rates still further. In the same vein, when the ECB decided in late to start increasing its policy rates again, it was mainly because our monetary analysis indicated upward risks to price stability. At the time, the signals from the economic analysis were rather mixed, and I remember that we were widely criticised for our decision. In retrospect, I would say this decision appears to have been well-timed, given the strength of the economic upturn that followed from onwards. Finally, using signals from the monetary analysis, we continually reminded market participants during those times that risk premia in financial markets were extraordinarily low and that the strong growth in credit aggregates implied future risks to financial stability.

On various occasions in and , we voiced concerns and warned markets to prepare for the unavoidable correction. You all know what happened. The repricing of risks did indeed occur, although in a much more dramatic way than anticipated. There was virtually nobody who foresaw a financial crisis of such abruptness and swift progression, nor its severity. The complex interaction of the factors that I outlined earlier had created enormous risks for financial stability.

Let me now give you a detailed account of what have been — and continue to be — very challenging times for the conduct of monetary policy. I will concentrate on the most important cornerstones of the current financial crisis, from the perspective of a European central banker, of course. On 9 August , short-term money markets rates such as the overnight rate suddenly started to surge.

The ECB was the first central bank in the world to react, and did so immediately, calming the markets, first, with a technical announcement via the relevant Reuters pages and, later in the course of the day, with the provision of unlimited central bank liquidity with overnight maturity at the prevailing policy rate.

Over the next two days, further liquidity-providing fine-tuning operations were conducted, so that tensions in short-term euro area money markets abated to some extent. This series of fine-tuning operations turned out to be the starting point of the first phase of policy responses to the financial crisis, a phase that lasted until September Further important measures that fall into the early phases of the crisis were the lengthening of the average maturity of our liquidity provision by conducting supplementary refinancing operations with maturities of three and six months, the provision of US dollar liquidity against euro-denominated collateral, on the basis of a swap agreement with the US Federal Reserve System, and the conduct of a two-week full-allotment tender in the penultimate main refinancing operation of in order to address especially elevated funding concerns of banks over the year-end of Overall, during that time, the monetary policy implementation framework of the ECB proved extremely robust and suitable to address the challenges.

In particular, our measures allowed the determination of the monetary policy stance to be kept separate from the way it is implemented, i. The interest rate hike of July is an example of the application of the separation principle. We took this step at the time, which is fully in line with our primary objective of maintaining price stability, to prevent second-round effects, with a view to avoiding the dis-anchoring of inflation expectations, even in times of money market tensions.

In September , conditions in financial markets worsened dramatically. The bankruptcy of Lehman Brothers led to the emergence of a full-fledged financial crisis and this, in turn, was accompanied by a rapid deterioration of economic conditions in most major economies of the world. The ECB reacted decisively and swiftly on two fronts. Second, the ECB engaged in what we refer to as enhanced credit support and I will elaborate a bit more on this in what follows. After the bankruptcy of Lehman Brothers, interbank money markets simply stopped working.

Banks did not trust each other any longer, since nobody was sure just how risky it really was to lend to another bank. In terms of economic theory, one could say that information asymmetries had become too large, with the result of a market breakdown.

And economic theory also tells us that a market breakdown is justification for public sector intervention. Two of the main functions of interbank money markets are the intermediation of liquidity shocks and the provision of short term funding for financial institutions. In other words, the financial sector cannot work without these markets, cannot fulfil its role of supplying the economy with credit.

Consequently, in the case of the euro area, these functions had to be taken over by the ECB. To achieve this, a number of actions were taken. The ECB switched to fixed-rate tenders with full allotment in all liquidity-providing operations in October This change guaranteed banks access to as much central bank liquidity as they needed, provided they possessed sufficient eligible collateral.

The term collateral refers to an asset that the financial institution temporarily deposits with the ECB in exchange for the loan it receives. If the institution pays back its loan, the asset is returned. Indeed, all loans that financial institutions receive from the ECB are fully collateralised and, hence, take the form of secured lending. In connection with this change, as a further safeguard, the already relatively broad set of eligible collateral was expanded further, taking into account market developments and making sure that collateral would not be the limiting factor for banks.

In general, the ECB accepts only high-quality assets as collateral, such as government bonds, covered bonds and some asset-backed securities, all of which need to posses a certain minimum rating. Furthermore, we discount the value of the collateral banks post with the ECB, according to the risk of the asset, in order to protect the ECB from the default risk of the borrowing financial institution.

In addition, the maturity spectrum at which the ECB offered refinancing operations was broadened, with operations covering the full length of the maintenance period and, in May , one-year longer term refinancing operations being added. Finally, also in May , we added a covered bond purchase programme. Although covered bonds are low-risk assets and are tightly regulated via specific laws, markets for these bonds were nevertheless strongly affected by the intensification of the financial crisis in September Supporting these markets, therefore, amounted to bolstering the long-term refinancing options of the financial sector, and to helping to overcome fundamentally not justified liquidity problems in an otherwise sound asset class.

As you will certainly have noticed, all these measures were designed specifically to support the vital role financial markets play as intermediaries with respect to providing credit to the economy. In the euro area, this role is mainly assumed by banks. The enhanced credit support, therefore, is aimed mainly at supporting banks in the fulfilment of their role. The importance of bank financing for the euro area economy also helps to explain the differences between the tools employed by the US Federal Reserve and the ECB.

This means that the transmission of monetary policy in the euro area relies to a considerable extent on banks, unlike the situation in the United States where financial markets are more important in that respect. Therefore, the US Federal Reserve engaged in large-scale outright purchases of, and guarantee schemes for, private sector debt securities, in actual fact providing life support for several key financial markets, while the ECB could resort to the more focussed enhanced credit support for banks.

It is equally important to also look at measures that we did not take. In particular, we did not engage in large-scale outright purchases of debt securities. Most of our liquidity provision rests on refinancing operations, which have the character of repurchase agreements, and are thus temporary loans. This will greatly facilitate the phasing-out of our exceptional support. Nor did we engage in buying government securities. This would amount to the monetisation of government debt, a sure road towards inflation over the medium term, with adverse effects on our independence and credibility.

All our actions were constantly guided by our mandate under the Treaty, which is to safeguard price stability. Another, instructive way of looking at all these measures is to use the balance sheet of the ECB. In an extremely stylised version, the balance sheet of the ECB resembles that of any other central bank. On the asset side are its reserves foreign currency holdings and gold and its own financial assets without reserve status. On the liability side, you will find its own currency, the euro.

Some of the euro amounts on the liability side take the form of reserve requirements, so that banks are actually obliged to hold them. The larger proportion, however, are accounted for by physical euro, i. It is important to note that the willingness of economic agents to hold these liabilities ultimately constitutes the capital of the central bank. This willingness is very closely related to the reputation of the central bank and to the confidence economic agents have in the institution.

The demand of banks for the currency needs to be refinanced; technically, banks borrow currency from the ECB and deposit collateral to secure the loan. These loans take the form of refinancing operations and can be found on the asset side of the balance sheet of the ECB. Using this rather technical approach helps to distinguish the two phases of the financial crisis. During the initial phase of financial tensions, i. In fact, overall liquidity provision was more or less unchanged.

After September , the balance sheet grew considerably in size. There are a number of reasons for this. First of all, the volumes of refinancing operations increased as a result of the procedure providing for fixed-rate tenders with full allotment, in which banks can themselves determine the amount of liquidity they obtain. To the extent that these amounts were larger than the underlying liquidity needs, banks simply left the liquidity in a special account with the ECB, which is called the deposit facility.

In effect, both sides of the balance sheet of the ECB increased. Second, the covered bond purchase programme leads to an increase in the assets of the ECB, which is paid for with currency. And, lastly, there was also more demand for banknotes and coins, an increase of the liabilities — which leads to higher volumes in refinancing operations on the asset side. Technically speaking, you could say that the ECB used its balance sheet to grant banks access to liquidity that was no longer available in the interbank market. Seen from a more philosophical perspective, the ECB employed the trust euro area citizens have in the institution and its currency to overcome a situation in which trust was scarce and badly needed.

With trust comes responsibility to use it only for worthy causes. The ECB is well aware of this enormous responsibility, and its decisions are guided by it. The decision to buy covered bonds, for example, was based on the insight that this asset class deserved our support as its underlying incentive structure was, and is, sound and it economic basis robust. In the United States, as mentioned earlier, the financing for corporations is provided by banks to a far lesser extent than in Europe. Most of the programmes enacted by the US Federal Reserve were, therefore, aimed at directly stabilising key financial markets, which it did mainly via outright purchases of debt securities and guarantee programmes for such securities.

Since required reserves of banks are much smaller in the United States, the resulting excess liquidity was enormous, which caused the Federal Reserve to start paying interest on these excess reserves in October In the case of the ECB, such a mechanism was already in place. Required reserves of banks are remunerated at the average marginal rate of the refinancing operations, and excess liquidity is remunerated with the rate of the deposit facility.

This view is also increasingly being shared by other central banks. Finally, I would like to address one particular question that I am often asked in connection with the growth of our balance sheet: