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Hyatt confirms interest in buying NH Hotel Group
Chicago-based Hyatt Hotels Corp confirmed it is interested in acquiring European hotel operator NH Hotel Group.
Chief executive Mark Hoplamazian said Hyatt had expressed its interest in buying NH Hotels, which is currently mulling a bid from Thailand-based Minor Hotel.
NH Hotel Group shareholders are scheduled to vote on the Minor bid next month.
Minor is already a significant shareholder of NH and recently raised its stake to 35% after acquiring a stake previously owned by debt-ridden HNA Group.
“We submitted a letter of intent expressing our interest in pursuing a potential acquisition of NH Hotel Group,” Hoplamazian told Bloomberg.
“We believe that marrying NH Hotel Group’s strong footprint in Europe and select other markets with Hyatt’s global presence would yield a powerful portfolio of brands.”
He said Hyatt is conducting additional due diligence ‘to determine the optimal approach to a potential offer.’
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