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Report: Elliott Management, Apollo Global eye HNA's €657M stake in NH Hotel

Investment manager Elliott Management Corp. and private equity firm Apollo Global Management LLC are understood to be among the list of potential bidders for HNA Group Co. Ltd.'s approximately €657 million stake in NH Hotel Group SA, Bloomberg News reported, citing sources with knowledge of the matter.

HNA had tapped JPMorgan Chase & Co. and Benedetto Gartland & Co. in January to explore options for the almost 30% interest in the Spanish hotelier. The troubled Chinese conglomerate has been selling global assets to tackle debt following a shopping spree worth north of US$40 billion.

Bids are scheduled to be submitted as soon as the week ending June 2, and is subject to extension, the May 29 report noted.