BANGKOK – Minor International (MINT) has made a major move towards expansion, acquiring an 8.6% stake in NH Hotel Group.
Valued at €192 million, the transaction awards MINT with 30,000 shares in NH Hotel Group, the sixth largest hotel chain in Europe and owner and operator of 382 hotels. The NH and NH Collection brands have gained fast-growing recognition, with 59,350 keys spanning 30 countries in Europe, the Americas and Africa.
Following the investment, NH’s properties will continue to operate under NH Hotel Group’s well-known brands, including NH Hotels, NH Collection Hotels, nhow Hotels and Hesperia Resorts. No management changes at NH Hotel Group are expected as a result of the investment.
“This investment represents a significant milestone for Minor Hotels. We are excited by the opportunity to accelerate our global exposure with our investment in HG Hotel Group, which has a highly complementary business and asset portfolio to MINT,” said Dillip Rajakarier, CEO Minor Hotels. “The investment is financially attractive, with high liquidity on the Madrid Stock Exchange and proven performance by the business.”
Rajakarier also noted that MINT can also support the NH hotels with its food and beverage expertise where appropriate to “maximize financial performance and enhance customer experience.”
The investment positions MINT for solid growth going forward, particularly in Europe following the company’s earlier expansion into Portugal and Brazil through the acquisition of Tivoli Hotels & Resorts in 2016.