Minor International has reached an agreement to acquire 30 million shares in NH Hotel Group in a transaction valued at €192m, which together with its existing shareholding will increase MINT’s stake in NH Hotel Group to 8.6% on a fully diluted basis. The investment in NH Hotel Group is a further move into Europe by MINT following its earlier expansion into Portugal and Brazil through the acquisition of Tivoli Hotels & Resorts in 2016. NH Hotel Group has a portfolio of 382 hotels and resorts with 59,350 keys spanning across 30 countries in Europe, the Americas and Africa.
Dillip Rajakarier, CEO Minor Hotels, commented: “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. The investment is financially attractive, with high liquidity on the Madrid Stock Exchange and proven performance by the business. 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 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 maximize financial performance and enhance customer experience.”
No management changes at NH Hotel Group are expected in connection with MINT’s investment in the company.