Hainan Airlines secures top stakeholder position in NH Hotels
Hainan Airlines has completed the purchase of an additional 8.3% stake in Spain’s NH Hotel Group raising its stake to 29.16 million shares to become the largest single shareholder.
Hainan Airlines has completed the purchase of an additional 8.3% stake in Spain’s NH Hotel Group, owned by Intesa San Paolo, raising its stake to 29.16 million shares.
Following the deal, Hainan Airlines Group has become the largest single shareholder of NH Hotel Group, with a 29% shareholding.
NH Hotel Group is a major Spanish listed company and the third largest hotel group in Europe with more than 380 hotels providing close to 60,000 rooms in 26 countries.
Hainan Airlines Group purchased a 20% stake in NH Hotel Group in May 2013 and increased its shares in January this year. It currently has three seats on NH Hotel Group’s board of directors and hopes to gain another seat following the equity deal.
An executive at Hainan Airlines said the airlines would continue expanding air travel while looking out for relevant investment opportunities with its “overseas expansion” strategy. “The first direction will be toward allocating resources to speed up investments in Europe and North America as developed nations are eager to attract foreign investments. The second direction will be gearing up to establish business in developing countries and regions in line with China’s national development strategy.”
Hainan Airlines Group holds 29 overseas companies involved in aviation, logistics, real estate, hotels, travel, finance and rental in 11 countries including Hong Kong, Australia, USA, France and Canada as of the end of 2013.(Translation by David)