Hospitality group Minor International is set to become the second largest shareholder in Spain’s NH Hotel Group after agreeing to buy an 8.6 percent stake from London-based hedge fund Oceanwood Capital.

The $225 million (€192 million) deal will take Minor International’s stake to 9.7 percent when it completes it in June. 

Oceanwood and another shareholder Hesperia believed that HNA had a conflict of interest following its purchase of Carlson Hotels and its 51.3 percent ownership stake in competitor Rezidor Hotel Group.

Thailand-based Minor International has gradually expanded its footprint across Europe in recent years. In 2016 it bought Portugal’s Tivoli Hotels & Resorts for $344 million (€294 million),  and in December 2017 purchased a majority stake in upmarket UK restaurant group Corbin & King.

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