Minor Intl. (MINT) has invested nearly $2.7 billion to acquire 94.1% of NH Hotel Group, giving the Thai-based hospitality company a platform of 549 hotels across Asia, Australia, the Middle East, Africa, Europe, Latin America and the U.S.
MINT had been working to acquire stakes in Madrid-based NH this past year. In June, the company acquired a 25.2% stake valued at $727.74 million from Chinese conglomerate HNA Group. That transaction followed an earlier 9.5% stake acquisition. The Thai-based hotel group had originally planned to acquire 51% to 55% of NH. However, MINT initiated a takeover bid in October and acquired 47.8% of NH at $7.18 per share.
“The acquisition of NH Hotel Group is a true game-changer for both MINT and NH Hotel Group. We have complete confidence in the NH Hotel Group’s business fundamentals and anticipate strong earnings results in 2018 and beyond, as management announced earlier this year,” says Dillip Rajakarier, ceo of Minor Hotels.
Photo of Hotel NH Madrid Alonso Martínez reception area: Courtesy of NH Hotel Group