Following resignations within the NH Hotels Group, Dillip Rajakarier and Ramón Aragonés have been appointed as the new Chairman and Vice Chairman of the Board of Directors of NH Hotel Group, respectively. At the same time, Minor Hotels announced the signing of a memorandum of understanding with the Saudi Arabian Tourism Development Fund to develop a number of hotel projects in the Kingdom.

NH Hotels

The owner of the Bangkok-based Minor Hotels Group has become the majority shareholder of the Madrid-based NH Hotels Group. Following the announcement, the chairman of the board of directors Alfredo Fernández Agras and the two directors José María Cantero de Montes-Jovellar and Fernando Lacadena Azpeitia resigned in reaction to the decision.

Following the departure of the Spanish executives, the NH Hotel Group board of directors has proposed the appointment of Dillip Rajakarier, current Thai CEO of Minor Hotels, as chairman of the group and Ramón Aragonés, current Spanish CEO of NH Hotels, as vice chairman of the board until the resignation becomes effective. This appointment will be subject to review.

Minor Hotels

The establishment of a strategic partnership between Minor Hotels and the Saudi Arabian Tourism Development Fund will allow for the development of numerous hotel projects over the next two years. The agreement aims to increase Saudi Arabia's attractiveness as a global tourism destination while enabling the hotel group to offer a wide variety of products ranging from experiential luxury to serviced apartments.

The Saudi Arabia Tourism Development Fund was established in 2020 to exploit opportunities and finance the development of the tourism ecosystem and tourism destinations in Saudi Arabia. Its role is to support tourism investments in the Kingdom, connecting private sector investors with public funding opportunities.

Minor Hotels, a hotel owner, operator and investor, currently has a portfolio of 530 hotels and resorts in 56 countries across Asia Pacific, the Middle East, Europe, the Americas, Africa and the Indian Ocean.

It will act as operator and partner in each of these projects. These will involve the development of hotels and resorts under the Anantara, Avani, Tivoli and Oaks brands in line with the Kingdom's National Tourism Strategy (NTS) and Saudi Vision 2030 and will focus on mountain resorts, wellness centers and urban hotels in the Kingdom.

• Thai luxury brand Anantara already has a presence in the Gulf Cooperation Council (GCC) region with more than 10 properties in the UAE, Oman and Qatar.
• Minor Hotels' Avani Hotels & Resorts brand, which has a presence in the UAE and Oma, will also make its debut in the Kingdom with several upcoming properties. One property is already under development in Bahrain and will open in 2024.
• The Oaks brand, meanwhile, is present in the UAE and Qatar and will soon be launched in Egypt.
• And finally, the Tivoli Hotels & Resorts brand, which is already present in the region with three hotels in Qatar, is developing new properties in Bahrain and Oman.

"The signing of this MoU with the Saudi Tourism Development Fund represents an important milestone for Minor Hotels, enabling the group to offer a wide variety of products ranging from experiential luxury to serviced apartments, each creating a customized product for a niche consumer. We look forward to working closely with TDF to bring these projects to fruition and create new iconic hospitality destinations in the Kingdom." - Mr. Dillip Rajakarier, CEO of Minor International Group and CEO of Minor Hotels

"This MOU and the future partnership with Minor Hotels is a great step forward in making Saudi Arabia an attractive global tourism destination. We are proud to introduce Minor Hotels' internationally recognized brands to the Kingdom, bringing prestige to the tourism sector in Saudi Arabia." - Mr. Qusai al Fakhri, CEO of the Saudi Arabian Tourism Development Fund