Hyatt Hotels Corp. sent a letter to Spanish hotel operator NH Hotel Group SA indicating its interest to acquire the Spanish hotel operator, Bloomberg News reported.
NH Hotel is also fielding a tender offer from Thailand's Minor International PCL, which has raised its stake in the target to 35.55%, making it NH Hotels' biggest shareholder, the news outlet noted, citing a July 26 regulatory filing.
The Minor International deal is subject to NH Hotel shareholders' approval at the Aug. 9 annual general meeting. The Thai company has maintained that it plans to keep NH Hotel publicly listed after its takeover.
In an emailed statement to Bloomberg News, Hyatt President and CEO Mark Hoplamazian said Hyatt is looking to conduct further due diligence to make a more informed valuation and decide on an optimal approach for a potential offer, according to the July 27 report. Hoplamazian also said Hyatt sees an opportunity to separate NH Hotel's real estate arm from its hotel management segment. Hyatt has been moving to an "asset-lighter business model," selling three U.S. hotels for roughly $1 billion earlier in 2018, the report pointed out.
Minor International, one of Thailand's largest hospitality and leisure companies, acquired Chinese conglomerate HNA Group Co. Ltd.'s stake in NH Hotel for €619 million in June and made an offer for the remaining stake it does not own. The offer was valued at €1.64 billion in early June, the report noted.
An NH Hotel representative was not available for comment outside of regular business hours, according to the report.