HOSPITALITY INDUSTRY
Thailand group targets Europe with NH Hotels takeover
Bangkok — Minor International’s share price surged on Wednesday after the Thailand hotel, food and beverage company said it was planning to use debt to finance its €2.5bn takeover bid for Spain’s NH Hotels. The proposed purchase would be Thailand’s largest overseas hospitality deal and would give Minor hotels scale and presence in "hard to get" cities across Spain, Benelux, central Europe and Italy, the company said. "It’s a launching pad for the rest of the group, in terms of our food and beverage, and hotel brands and growing our business," Minor chief operating officer Dillip Rajakarier said. Owned by US-born billionaire William Heinecke, Minor operates 158 hotels in Asia, the Middle East, Australia and Africa. The NH acquisition would increase its portfolio to 540 hotels, Rajakarier said. He said the firm — which operates hotels in 32 countries and food and beverage brands such as the Benihana sushi and steakhouse chain — was still looking for acquisitions worth up to $300m in l...
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