Hyatt Hotels has expressed interest in buying Spanish NH Hotel Group to help establish its presence in Europe.
“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,” said Mark Hoplamazian, president and CEO of Hyatt Hotels Corporation.
“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.”
However, rival company Minor International believes Hyatt’s offer is too late and is confident that its own deal with NH Hotel Group will still go through.
NH Hotel Group is a Spanish company with over 370 properties. Minor International is already NH Hotel Group’s largest shareholder, owning just over a 35 percent stake in the company.
Which way to deal will go is yet to be seen.