THAILAND’S Minor International hotel group has purchased a 25% share of Madrid-based NH Hotels, the next step in a plan to mount a full takeover of the Spanish company.
Minor yesterday confirmed it had reached an agreement to purchase a stake currently held by China’s HNA Group, worth 619 million.
The hotelier said it would also launch an all-cash public tender offer to acquire the rest of NH Hotel Group’s shares, in a plan worth as much as 1.64 billion.
“Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry,” said Minor ceo Dillip Rajakarier.
“We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe.”
Minor International owns and operates 161 hotels, in addition to a series of restaurant and hospitality businesses.
NH Hotel Group operates 382 hotels with almost 60,000 rooms in 30 markets in Europe, the Americas and Africa.
The HNA Group’s sale of shares comes as part of a multi-billion dollar sell-off of property assets aimed at reducing its debt.
The Chinese company has already sold real estate in Australia, the US and Hong Kong, along with its shares in Hilton.