Hyatt to battle Minor for control of Spain hotel operator

NEW YORK: Hyatt Hotels Corp, the lodging company founded by the Pritzker family, has sent a letter to NH Hotel Group SA indicating its interest in acquiring the Spanish hotel operator.

“Hyatt has a demonstrated track record of making strategic investments to extend the reach of our brands and create value for our stakeholders,” said Hyatt president and chief executive officer Mark Hoplamazian. “In keeping with our growth strategy, we submitted a letter of intent expressing our interest.”

Any potential offer from Chicago-based Hyatt would provide an alternative for NH Hotel shareholders, who are weighing a tender offer from Thailand’s Minor International Pcl.

That deal is conditional on approval from shareholders at an annual general meeting scheduled for August 9.

Minor, already NH’s biggest shareholder, said in a regulatory filing earlier on Thursday it had raised its stake to 35.55 per cent.

Its offer for the portion of NH Hotel it didn’t own was valued at €1.64 billion (RM7.8 billion) early last month, when the plans were first announced.

Bangkok-based Minor is one of Thailand’s largest hospitality and leisure firms, with more than 160 hotels and resorts, 2,000 restaurants and 400 retail locations.

Hyatt’s 14 brands include Park Hyatt, Grand Hyatt, Andaz, Hyatt Regency and Hyatt Place hotels, along with Exhale spas.