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NH Hotel Should Be Skeptical of Hyatt Inquiry, Minor Tells Board

Charles Penty
NH Hotel Should Be Skeptical of Hyatt Inquiry, Minor Tells Board

NH Hotel Group SA should put little weight on an expression of interest from Hyatt Hotels Corp., suitor Minor International Pcl told the board of the Spanish hotel operator in a letter. Hyatt’s approach to NH Hotel is preliminary and nonbinding, indicating that it’s not a serious proposal, Stephen Chojnacki, chief commercial officer and general counsel for Bangkok-based Minor, said in the July 29 letter. Hyatt’s proposal to separate NH Hotel’s real estate from its hotel-management business risks stripping away assets and would lead to major cost cutting, Chojnacki said in the letter, a copy of which was seen by Bloomberg News.