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The Chinese group HNA takes legal action against NH Hotel Group

Through its subsidiary, Tagla Espana, which manages its Spanish interests, the Chinese group HNA has filed a complaint against NH Hotel Group, which removed four directors last June that represented HNA's 30% interest in the hotel group, claiming that its acquisition of Carlson Rezidor constituted a conflict of interest.

Last June 21, the representative of Oceanwood Capital, Paul Daniel Johnson, 12% shareholder in NH Hotel Group, together with José Antonio Castro, former president Hesperia Hotels (9% of the capital), absorbed by NH after a long battle on the stock exchange, obtained the deposition of the four representatives of HNA hotels, including Charles Mobus, co-president, and Federico Gonzalez Tejera, general manager NH, from the board of directors. They contended before Spanish financial market authorities that the takeover of Carlson Rezidor Hotel Group by HNA constitutes a conflict of interest on the primary European markets where NH is in direct competition with Rezidor's brands.

The Chinese group, through Tagla Espana, has built a dossier to contest the decision and attack it in Spanish court. A complaint has just been filed in Madrid to cancel the shareholders' revolt and reinstate the four directors excluded from the board. It only considers that the conflict of interest argument cannot be used and that it constitutes a concerted attempt by the investment fund Oceanwood Capital and its allies from Hesperia, to force them to buy back their shares at the top price by launching a takeover bid for all the capital.

Since the coup de force on June 21, Federico Gonzalez Tejera's position as general manager was shared within a triumvirate including, Ramón Aragonés, director of Operations, Rufino Pérez, sales manager, and Beatriz Puente, financial manager. Now it is up to the Court to decide who will take back control over the group.

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