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Minor dilutes the name of NH, which will be renamed Minor Hotels Europe & America

Date: July 18, 2024 Time: 05:15:25

NH Hotel Group, controlled since 2018 by the Thai group Minor Hotels, has voted at a shareholders’ meeting to change its current corporate name from the historic hotel brand to Minor Hotels Europe & Americas SA. In this way, the group led by Ramón Aragonés will adopt in its corporate name the name of its owner, the Thai giant Minor Hotels, which holds 95.8% of the capital of the hotel group. The previous change in the corporate name of NH – the initials of Navarra Hoteles – took place ten years ago, when it changed its name from NH Hoteles to NH Hotel Group.

According to the company, the change in corporate name will allow the Company to benefit from a globally recognized name, Minor Hotels, with the addition of the locator “Europe & Americas”, which refers to the focus of the Company’s business, providing “important without commercial ergies and reinforcing the global image of the Company.” However, the vice president of the firm, Ramón Aragonés, has indicated that “the name of no hotel will be changed.” “Although it may cause confusion to go with two brands, the Minor corporate umbrella offers us global advantages,” he specified during the shareholders meeting this Friday at the NH Ventas hotel in Madrid.

Therefore, both the brands operated by Minor such as Anantara, Avani and Tivoli; as well as those of Minor Hotels Europe & Americas, such as the NH hotels brand itself, NH Collection and Nhow. With this move, the firm led by William Ellwood Heinecke, the magnate founder of Minor, dilutes under its wing one of the hotel brands with the most ‘pedigree’ in Europe and Latin America at a time of great growth for the firm, in line with The strong performance of the tourism sector as a whole.

The hotel group founded by Antonio Catalán managed to increase its total income by 23% to 2,163 million euros in 2023 and 26% in 2019, when 1,718 million euros were obtained. On the other hand, the total net profit for the year was 128.1 million euros, with a growth of 27.7% compared to the previous year, which represents two historical records in both profits and billing.

Continuing dynamics in the first quarter

The new name debuts with growth. As announced this Friday, Aragonés Minor Hotels Europe & Americas has maintained a “continuous upward trend” in occupancy, average revenue per room (ADR) and total revenue in the first quarter of 2024.

Regarding income, during the first quarter they amounted to 460 million euros, a growth of 13% compared to the same period in 2023, compared to 115 a year ago.

Changes of directors

Along with the change in corporate name and the approval of the 2023 accounts, the hotel company’s general meeting voted for the re-election of Stephen Andrew Chojnacki, William Ellwood and Heinecke and Emmanuel Jude Dillipraj Rajakarier as proprietary directors for a three-term term.

Likewise, the re-election of Rufino Pérez as executive director for a period of three years and the ratification of the appointments, by co-option and with the classification of independent directors, of Miriam González-Amézqueta, López Fernebrand and María Segimón de Manzanos, were voted.

It has also been delegated to the board of directors to increase the capital, one or more times and at any time, within a period of five years, and to issue debentures, convertible bonds, shares, as well as warrants, also in a maximum period of five years.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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