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Hyatt Hotels Corporation : updated statement on NH Hotel Group

Mark Hoplamazian, President and CEO, Hyatt Hotels Corporation:

Hyatt Hotels Corporation : updated statement on NH Hotel Group

Mark Hoplamazian, President and CEO, Hyatt Hotels Corporation:

Category: Worldwide - Industry economy - Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2018-07-31


“On July 26, 2018, Hyatt delivered a letter to the Board of Directors of NH Hotel Group in which we expressed our interest in pursuing a potential acquisition of NH Hotel Group with a separation of their real estate assets from their hotel management platform. Thereafter, Hyatt submitted a letter to the NH Hotel Group’s Board of Directors, responding to questions the Board asked about our letter of interest.

After reviewing the disclosures that were made by NH Hotel Group’s largest shareholder shortly after the submission of our letter of interest, we believe that the path to a successful tender offer by Hyatt has now narrowed to a point of being impractical. Absent a significant change in facts or circumstances, Hyatt has determined that pursuing a tender offer is not viable at this time.

We have communicated to NH Hotel Group’s Board that we remain willing to engage in a dialogue with them to discuss other potential avenues toward unlocking value for NH Hotel Group’s shareholders. We believe that a higher value could be realized by NH Hotel Group’s shareholders if there were an agreed commitment and path to restructure NH Hotel Group’s assets, while leveraging Hyatt’s considerable brand strength and global presence.”

DECLARACIÓN ACTUALIZADA SOBRE NH HOTEL GROUP

Mark Hoplamazian, presidente y consejero delegado, Hyatt Hotels Corporation:

«El pasado 26 de julio de 2018, Hyatt envió una carta al Consejo de Administración de NH Hotel Group en la que expresamos nuestro interés en realizar una posible adquisición de NH Hotel Group con una separación de sus activos inmobiliarios de su plataforma de gestión hotelera. Después, Hyatt envió una carta al Consejo de Administración de NH Hotel Group respondiendo a las preguntas que el Consejo nos hizo sobre nuestra carta de interés.

Tras revisar la comunicación realizada por el mayor accionista de NH Hotel Group poco después de la presentación de nuestra carta de interés, creemos que la vía para una oferta exitosa por parte de Hyatt se ha reducido a un punto de ser poco viable. A falta de un cambio significativo en hechos o circunstancias, Hyatt ha determinado que continuar con una oferta pública no es viable en este momento.

Hemos comunicado al Consejo de Administración de NH Hotel Group que seguimos dispuestos a entablar un diálogo con ellos para analizar otras vías posibles para realizar mayor valor para los accionistas de NH Hotel Group. Creemos que los accionistas de NH Hotel Group podrían obtener un mayor valor si existiera un compromiso y un camino acordados para reestructurar los activos de NH Hotel Group, al tiempo que se fortalece con la fuerza de la marca y la presencia global de Hyatt».


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