Delisting for Minor Hotels in Europe

Gonzalo Aguilar, CEO of MHEA - image courtesy of Minor
Minor Hotels Europe & Americas will shortly disappear from Spanish stock market listings, as it is taken private by its majority owner

Thai group Minor Hotels has won regulatory approval to take the final steps towards delisting its European arm, Minor Hotels Europe & Americas (MHEA) from the Spanish stock market.

The move is the last step in a process of taking over the business, originally named NH Hotels. The combination will allow the company to further link the regions and brands covered by its two entities, cutting costs and improving operational agility.

A final offer to remaining shareholders

The mechanics of the final step will see Minor offering those shareholders still owning MHEA stock a final offer of EUR6.51 per share, a price that has been increased from a previous EUR6.37 offer to reflect recent solid performance at the division. Minor already owns 95.9% of MHEA shares, and so is looking to buy an outstanding amount of around 18 million shares.

The offer will be available over this summer, with the final delisting expected to take place towards the end of September 2025.

“This delisting is a decisive step in creating a more agile, efficient, and focused organization,” said Dillip Rajakarier, Group CEO of Minor International. “It enhances our ability to capture global growth opportunities while delivering greater value to our shareholders.”

Gonzalo Aguilar, CEO of MHEA, declared what will likely be the group’s final set of quarterly results, noting a strong performance from the division. Revenue was up 5% at EUR1.206 billion, while revpar improved 6%. Profit for the period improved by 58%, to EU112 million.

The profit figure was boosted by a EUR26 million cash injection from the sale of assets, and this was used to help pay down debt. Net debt dropped from EUR244 million at the end of 2024, to EUR114 million. The business redeemed EUR400 million of senior secured notes, which were not due until 2026, and opened a new EUR200 million term loan.

Across its main markets, MHEA saw positive progression, with occupancy improving. Latin America was the leading division, with revpar up 20.8%, while hotels in Benelux also performed well, up 8.5%. In Spain, occupancy improved to 75%, with the average room rate up to EUR152. The company sold two hotels during the period, in Portugal and in Germany.

Expanding its brands around the globe

Globally, Minor International continues to look for expansion opportunities. It recently signed to develop its first Anantara branded hotel in Japan, Anantara Karuizawa Retreat. And in Ras Al Khaimah, it is working on two projects, NH Collection Ras Al Khaimah Al Marjan Island Hotel & Apartments, and Anantara Mina Residences.

In July, the group introduced four new brands to its portfolio. The Wolseley Hotels, Minor Reserve Collection, Colbert Collection and iStay Hotels will allow Minor to extend their accommodation offering to new market segments, while enabling a faster growth trajectory by deploying an asset-light approach.

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