Thailand based hospitality group Minor International has reached agreement to acquire a 8.6% stake in NH Hotel Group.
The deal is valued at EUR192 million and will help to further expand Minor’s footprint in Europe.
NH Hotel Group is the sixth largest hotel chain in Europe with a portfolio of 382 hotels and resorts totalling nearly 60,000 rooms in 30 countries in Europe, the Americas and Africa.
"This investment represents a significant milestone for Minor Hotels. We are excited by the opportunity to accelerate our global exposure with our investment in NH Hotel Group, which has a highly complementary business and asset portfolio to MINT," said Dillip Rajakarier, CEO Minor Hotels.
It will be business as usual with no management changes at NH Hotel Group.
Its portfolio will continue to operate under NH Hotel Group’s existing brands, including NH Hotels, NH Collection Hotels, nhow Hotels and Hesperia Resorts.
"Over the past few years, NH Hotel Group’s board of directors and management team have re-invigorated the business and delivered strong business performance in line with its five-year strategic plan. As a key shareholder in the business, we look forward to supporting the management team as a strategic shareholder to continue this success," Rajakarier added.
