Hyatt Hotels’ plan to acquire Spain based NH Hotel Group has come too late according to original bidder Minor International.
The Thailand based hotel group plans to press ahead and complete the deal, despite the late interest from Hyatt.
"Hyatt has entered the church and the bride has already left. Our reaction is to continue and complete this transaction," Dillip Rajakarier, Minor’s chief operating officer told Bloomberg.
Hyatt sent an expression of interest to acquire NH Hotel Group last week.
NH Hotel Group spokesman Lucas Martinez said the NH board would consider Hyatt’s counter offer in the next few days.
Minor is on track to own 44% of Madrid based NH Hotels after agreeing to buy a 8.4% stake owned by China’s HNA Group.
NH Hotel Group has a portfolio of more than 370 hotels.
