EI and NH Hoteles, a European owner and operator of hotels, created Latinoamericana de Gestion Hotelera (“Latina”) to capitalize on the shortage of quality business-class hotels in Latin America. Latina acquired several strategic assets and expanded the portfolio to include ownership or operation of hotel rooms in five countries: Mexico, Brazil, Argentina, Uruguay, and Chile. EI converted its ownership interest in Latina to public shares in NH Hoteles in 2006. EI monetized its investment in NH Hoteles through a series of public transactions.