INTERNATIONAL REPORT—Beijing-based HNA Group is shopping around for buyers for its majority stake in Spain’s NH Hotel Group, according to Reuters.
NH’s board rejected a takeover bid from Spanish hotel operator Barcelo, stating the offer was “inadequate and fail to reflect NH’s true value.” Had Barcelo’s preliminary merger proposal been accepted, the deal would’ve created the biggest Spanish hotel group.
HNA enlisted JP Morgan and Benedetto, Gartland and Company to find takers for its 29.5% stake, which is worth approximately $773.8 million (€632 million), according to the report.
In 2016, HNA’s representatives were ejected from NH’s board after it purchased competitor Carlson Rezidor, prompting claims of conflict of interest.