Skift Take

If the battle between Marriott and Anbang over Starwood was any indication, Minor International should know it's not over until the deal is signed. That 44 percent stake should come in handy, but it's not a full 100 percent just yet.

Hyatt Hotels Corp.’s interest in acquiring NH Hotel Group SA has come too late to stop rival Minor International Pcl’s own tender offer for the Spanish company, Dillip Rajakarier, chief operating officer of the Thai bidder said.

“Hyatt has entered the church and the bride has already left,” said Rajakarier in a phone interview Friday. “Our reaction is to continue and complete this transaction.”

Hyatt sent a letter to NH Hotel indicating its interest in acquiring the chain of more than 370 hotels, the company said on Thursday. Any resulting bid from Chicago-based Hyatt would be in competition with Minor’s tender offer, which valued the portion of NH Hotel it didn’t own at 1.64 billion euros ($1.91 billion) in early June, when the plans were first announced.

Shares in NH Hotel rose 8.9 percent in Madrid Friday. In an emailed statement earlier Friday, Lucas Martinez, a spokesman for NH Hotel Group, said the board received Hyatt’s letter and would decide how to proceed with Hyatt’s request in coming days.

A representative for Hyatt declined to comment.

Including a planned purchase of 8.4 percent of NH Hotel from HNA Group Co., Bangkok-based Minor is on course to own 44 percent of the Madrid-based firm.

©2018 Bloomberg L.P. This article was written by Charles Penty from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [email protected].

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Tags: hyatt, minor hotels, minor international, nh hotels

Photo credit: Thai hospitality company MInor International now owns a 44 percent stake in NH Hotels, but can Hyatt convince the board to let them buy the company? Christopher Dilts / Bloomberg

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