MINOR International is broadening operations into Australia and New Zealand, with a cash takeover offer for Australia-based four-star hotel brand Oaks Hotels & Resorts.
Minor International’s CEO, William Heinecke, said: “We see Oaks’ unique apartment portfolio as a valuable addition to our expanding resort and hotel portfolio and look forward to adding significant value to the business in terms of growth and expansion.”
Minor has so far accumulated a 14.96 per cent stake in Oaks Hotels & Resorts and is set to purchase 5 per cent more, bringing its overall stake to 19.96 per cent—worth AUD$12 million (US$12 million).
The investment is Minor’s first foray into the Pacific and doubles the company’s hotel interests to 71 properties across Asia, the Indian Ocean, the Middle East and Australasia.
