Bangkok’s Minor Hotel Group is reportedly interested in acquiring the 29.5% stake in NH Hotel Group owned by China’s HNA Group, according to Spanish newspaper El Confidencial. The report further suggested Minor also might be interested in taking full control of Madrid-based NH Hotels.
Also linked to the same stake in NH are two venture capital firms, Starwood Capital Group and Blackstone. In addition, an offer last September for NH to merge with Spain’s Barcelo was rejected after it was deemed insufficient.
A Minor Hotels spokesperson told HOTELS on Tuesday that the group continues to follow a carefully considered growth strategy and remains opportunistic and pragmatic in its evaluation of diverse investment opportunities.
“In response to recent media reports concerning the potential purchase of shares in NH Hotels, Minor Hotels can confirm that it was approached by several entities concerning this investment opportunity, but no discussions are outstanding with the seller nor its advisors at this time,” the Minor spokesperson said.
The battle for the control of NH Hoteles started with the expulsion of HNA from its board in June 2016 after trying to take over the management of the company without launching a tender offer. HNA also wants to sell some of its international investments to help cover its debt obligations after going on a global spending spree during the past few years.