A FAMILY-OWNED Spanish hotel group has made a €2.2billion takeover bid for a rival chain.
The NH Hotel Group, which operates nearly 400 hotels in 31 markets worldwide, confirmed the takeover offer from Grupo Barcelo, which has over 230 hotels in 21 countries.
The merger would create the biggest hotel group in Spain with 600 hotels around the world with annual revenues of about €3.7bn.
At its current share price of €5 euros per share, NH has a market value of €1.75 billion.
The stock exchange suspended trading in NH shortly before a statement to the markets today.
NH (Navarra Hotels) was founded in 1978 by Antonio Catalán and was named after the region in Spain.
The Barcelo Group has its headquarters in Palma, Mallorca.