NH Hoteles, the Spanish hotel operator, has rejected a €992m ($1.2bn) bid from a rival backed by Banesto, the Spanish bank.

Grupo Inversor Hesperia, representing the Catalan hotel operator Grupo Hesperia, made an €8.3-a-share offer for 26% of NH Hoteles last week, which valued the company at €992m.

Michael Hoare

NH Hoteles

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NH Hoteles rebuffs €992m partial bid

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