NH Hotel Group
Spanish hotel chain (NH Collection, nhow), now majority owned by Thailand's Minor International.
On the record
Checkpoint: FY2025 annual consolidated report from Minor Hotels Europe & Americas
The call
NH runs a growing, profitable hotel business inside a bigger Thai-owned group, with no public shares left to buy and no dividend for outside holders.
NH Hotel Group runs about 400 hotels across Europe and the Americas, mostly in mid-range and upscale categories, and is owned nearly entirely by Minor International, a Thailand-based company. The business is profitable and growing, which makes it stable for employees and customers, but big global chains like Marriott and Hilton compete in the same market segment with no real barrier stopping them from copying NH's approach. The real threat ahead is AI booking tools from Google, ChatGPT, and travel websites that let customers bypass hotels entirely and book straight through artificial intelligence, potentially squeezing the hotel's direct customers and profit margins over the next few years, and so far NH has not shown plans to match that technology the way other chains might.
Why
01
AI pressure: Google AI Mode and OTA chatbots (Expedia, Hotels.com). AI search and booking chatbots could route guests through OTAs instead of NH's own site, squeezing direct-booking margins over time. Could AI do the core job? Only partly.
02
Bigger players: Marriott, Hilton, Accor, IHG, Wyndham. Bigger global chains compete for the same urban midscale-upscale traveler in Spain and Latin America, with more loyalty scale and marketing reach. Could a giant copy it? Yes, easily.
03
What protects it. Stable revenue and profit growth backed by a well-capitalized parent, plus established brand presence in Spain and Latin America.
What would change this call
NH/Minor Hotels ships an AI-driven direct-booking or loyalty tool within 18 months. Would show NH is defending booking-channel share against OTA and AI-chatbot disintermediation.
Minor International executes a full squeeze-out of remaining NH minority shareholders. Would show parent tightening control and possibly deprioritizing Europe & Americas independence.
Minor International's 2026 capital allocation favors Asian brands (Anantara, Avani, Oaks) over Europe & Americas. Would show parent-level reallocation away from NH's segment despite its profit growth.
Minor International executes a full squeeze-out of remaining NH minority shareholders. Would show parent tightening control and possibly deprioritizing Europe & Americas independence.
Minor International's 2026 capital allocation favors Asian brands (Anantara, Avani, Oaks) over Europe & Americas. Would show parent-level reallocation away from NH's segment despite its profit growth.
Key numbers
- Revenue grew 12% to €2.4B in 2024
- EBITDA up 14% to €680M in 2024
- Minor International owns about 96% of shares
Named risks
- No dividends paid in 2023 or 2024 and near total Minor ownership eliminates minority equity upside.
- AI mediated booking channels shifting distribution and margin away from direct NH channels with no visible NH AI response found as of 2026-02.
- Geopolitical exposure in Latin America and Caribbean, shown by 2026 Cuba property abandonment under US sanctions.
- Potential full squeeze out of remaining minority shareholders following 2025 delisting.
- European hospitality sector wide labor cost pressures could compress margins.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Meliá Hotels International | losing to | Ranks number one in Spain hotel revenue vs NH's number three as of 2025-07-09 |
| RIU Hotels and Resorts | losing to | Ranks number two in Spain hotel revenue vs NH's number three as of 2025-07-09 |
| Barceló Hotel Group | contesting | Barceló posted 7.867 billion euros FY2025 revenue, far exceeding NH's 2.4 billion euros in 2024 |
| Marriott International | losing to | Marriott reports 65 percent call center volume cut via chatbots as of 2026-01-14, no equivalent NH tool found |
| Hilton | losing to | Hilton's Xiao Xi chatbot handled over 50,000 queries per report dated 2026-01-14 |
Questions people ask
- Is NH Hotel Group profitable in 2024 and 2025?
- Yes. Minor Hotels Europe and Americas, the entity formerly called NH Hotel Group, reported 2024 net recurring profit of 210 million euros on 2.4 billion euros revenue, and Q2 2025 total net profit rose 58 percent year over year, per company earnings releases dated 2025-02-14 and 2025-07-24.
- Who owns NH Hotel Group now?
- Thailand based Minor International (MINT) owns roughly 95.9 percent of NH Hotel Group, now legally renamed Minor Hotels Europe and Americas. MINT took control via a 2018 tender offer worth about 2.3 billion euros and completed a full delisting from the Madrid Stock Exchange in the first half of 2025.
- Is NH Hotel Group still listed on the stock exchange?
- No. NH Hotel Group, renamed Minor Hotels Europe and Americas in April 2024, completed delisting from the Madrid Stock Exchange in the first half of 2025 after CNMV authorization, ending its public trading history under ticker NHH.
- Could AI replace NH Hotel Group's booking or front desk operations?
- AI is eroding booking distribution industry wide, Marriott reports a 65 percent drop in call center volume from chatbots as of 2026-01-14, but no NH specific chatbot or AI revenue management tool has been publicly confirmed as of February 2026, suggesting NH may lag larger rivals in visible AI rollout.
- Who is NH Hotel Group's biggest competitor?
- In its home market Spain, NH ranks third by revenue behind Meliá and RIU as of 2023 data published 2025-07-09. Globally it also competes with Marriott, Hilton, Accor, IHG and Wyndham, all larger by scale and loyalty reach, plus domestic peer Barceló, which posted 7.867 billion euros revenue in FY2025.
- Did NH Hotel Group exit Cuba?
- Yes. Minor confirmed abandoning two Havana, Cuba properties as reported 2026-07-23, part of a broader exit by Spanish hotel chains including Meliá, Iberostar and Barceló from Cuba amid tightened U.S. sanctions.
Timeline
- 2026-07-23Minor confirms abandoning two Havana, Cuba hotel properties amid US sanctions
- 2026-02-16Parent Minor International reports 32 percent 2025 profit growth, Europe and Americas region double digit growth
- 2025-07-25Delisting from Madrid Stock Exchange completed after CNMV authorization
- 2025-02-142024 results reported: revenue 2.4B euros, EBITDA 680M euros, net recurring profit 210M euros
- 2025-01-01Gonzalo Aguilar becomes CEO, succeeding Ramón Aragonés
- 2024-12-15Minor International proposes delisting Minor Hotels Europe and Americas
- 2024-04-24Shareholders approve renaming company to Minor Hotels Europe and Americas
- 2023-06MINT stake rises to about 95.87 to 95.9 percent
- 2018-11Minor International completes 94.1 percent takeover for about 2.3 billion euros
- 1978NH Ciudad de Pamplona Hotel opens, founding the company
Revision history
24 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Minor Hotels Incorporates NH Hotel Group and Keeps Growing Around the World (2025-02-11)
- Minor International invests €2.33B to complete takeover of NH Hotel
- Minor International proposes to delist Minor Hotels Europe & Americas (2024-12-15)
- Minor Hotels Unifies Global Corporate Identity with NH Hotel Group Rebranded to Minor Hotels Europe & Americas (2024-04-24)
- Minor Hotels Europe & Americas to Delist from the Stock Exchange by the First Half of 2025 (2025-07-25)
- EN_GB Memoria Individual MHE&A 2024
- Minor Hotels Europe & Americas Reports Net Recurring Profits of EUR210 Million in 2024 (2025-02-14)
- Earnings call transcript: Minor Hotels sees 58% profit jump in Q2 2025 (2025-07-24)
- Minor Hotels Delivers 32% Profit Growth in 2025 (2026-02-16)
- El top 10 de hoteleras en España lo lideran Meliá y Riu (2025-07-09)
- Real Estate Developer in Spain
- Minor Hotels Unifies Global Corporate Identity with NH Hotel Group Rebranded to Minor Hotels Europe & Americas (2024-04-24)