Friday 19 July 2024

Minor buys stake in Spanish hotel group for $226m

BANGKOK, May 23, 2018

Minor International has reached an agreement to acquire 30,000,000 shares in NH Hotel Group for  €192 million ($226.3 million).

The new acquisition, together with existing shareholding, will increase Minor's stake in NH Hotel Group to 8.6 per cent on a fully diluted basis.

NH Hotel Group is the sixth largest hotel chain in Europe and this investment offers important strategic benefits to Minor International which, with its deep hospitality and food & beverage experience, also brings strategic value to the NH Hotel Group.

The investment in NH Hotel Group also marks a strategic progression given Minor’s current presence in Asia, Australia, the Middle East and Europe. The investment in NH Hotel Group is a further move into Europe by Minor International following its earlier expansion into Portugal and Brazil through the acquisition of Tivoli Hotels & Resorts in 2016, and one that is complementary to the geographical footprint of Minor’s pre-investment portfolio.

NH Hotel Group has a portfolio of 382 hotels and resorts with 59,350 keys spanning across 30 countries in Europe, the Americas and Africa. The group was founded since 1978 and today has become one of the top 25 hotel chains in the world with in-depth expertise in the mid- to upscale segments.

Following the investment, the properties will continue to operate under NH Hotel Group’s well-known brands, including NH Hotels, NH Collection Hotels, nhow Hotels and Hesperia Resorts.

Dillip Rajakarier, CEO Minor Hotels, commented: “This investment represents a significant milestone for Minor Hotels. We are excited by the opportunity to accelerate our global exposure with our investment in NH Hotel Group, which has a highly complementary business and asset portfolio to Minor International. As a key shareholder in the business, we look forward to supporting the management team as a strategic shareholder to continue this success and build long-term shareholder value for NH Hotel Group and its shareholders, including Minor International. Minor can also support the NH hotels with its food & beverage expertise where appropriate to maximise financial performance and enhance customer experience.” - TradeArabia News Service

Tags: hotel | Stake | buy | group | minor | NH |

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