Minor snaps up HNA’s stake in NH Hotel Group

Thailand-based Minor International (MINT) has acquired an additional 25.2 per cent stake in Europe’s NH Hotel Group for 619 million euros (US$730 million) from Chinese conglomerate HNA Group.

This follows MINT’s earlier purchase of a 9.5 per cent shareholding in NH Hotel, raising its stake in the Spanish hotel group to 34.7 per cent, which according to a Reuters report will exceed the 30 per cent ownership threshold to initiate a full takeover of the company under Spanish law.

MINT plans to launch an all-cash public tender offer to acquire NH Hotel Group’s remaining shares, with a shareholding target of 51 to 55 per cent. It intends to let NH Hotel remain as a publicly-listed company on the Madrid Stock Exchange.

The purchase will enable MINT to “further cement (its) footprint in the European hospitality sector” and expand its network to 540 hotels worldwide, Minor Hotels’ CEO Dillip Rajakarier said in a statement.

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