Boom! Hyatt wants to Take Over NH Hotel Group
Hotel news of the morning: Hyatt expressed interest to take over NH Hotel Group.
Mark Hoplamazian, President and CEO, Chicago-based Hyatt Hotels Corporation has sent a potential offer for Spanish hotel operator NH Hotel Group to Madrid:
“Hyatt has a demonstrated track record of making strategic investments to extend the reach of our brands and create value for our stakeholders. In keeping with our growth strategy, we submitted a letter expressing our interest in pursuing a potential acquisition of NH Hotel Group.
We believe that marrying NH Hotel Group’s strong footprint in Europe and select other markets with Hyatt’s global presence would yield a powerful portfolio of brands and network of hotels delivering compelling benefits for guests, owners and shareholders of both companies.
Consistent with our strategy of pivoting to an asset-lighter business model, we see significant value creation for shareholders through a separation of NH Hotel Group’s real-estate assets from its hotel management platform. As a next step, we are seeking to conduct additional due diligence to further inform valuation and determine the optimal approach to a potential offer.”
Actually NH’s biggest shareholder Minor International Pcl. (Thailand) has raised its stake to 35.55 percent. Minor published a Tender Offer to over take all of Spains NH Hotel Group earlier this month [Link]. Shareholders will have to discuss the offers at an annual general meeting.
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