Thailand-based Minor International (MINT) has increased its stake in NH Hotel Group, Europe’s sixth largest hotel chain with 382 hotels and resorts spanning 59,350 keys across 30 countries in Europe, the Americas and Africa.
The 192 million euros (US$224 million) purchase of 30,000,000 shares, which together with its existing shareholding, will increase MINT’s stake in NH Hotel Group to 8.6 per cent.
This investment is a further push into Europe by Minor International, following its earlier expansion into Portugal and Brazil through the acquisition of Tivoli Hotels & Resorts in 2016.
Dillip Rajakarier, CEO Minor Hotels, said that the latest investment is “a significant milestone”. “Over the past few years, NH Hotel Group’s board of directors and management team have reinvigorated the business and delivered strong business performance in line with its five-year strategic plan,” he stated in a statement.
“As a key shareholder in the business, we look forward to supporting the management team as a strategic shareholder to continue this success and build long-term shareholder value for NH Hotel Group and its shareholders including MINT. MINT can also support the NH hotels with its food & beverage expertise where appropriate to maximise financial performance and enhance customer experience.”
Following the investment, the properties will continue to operate under NH Hotel Group’s brands, including NH Hotels, NH Collection Hotels, nhow Hotels and Hesperia Resorts.
No management changes at NH Hotel Group are expected in connection with this investment.