What is Minor Hotels Europe & Americas?
Minor Hotels Europe & Americas, S.A. (MHEA) is the Spanish company formerly named NH Hotel Group, S.A. Its registered office is at Calle Santa Engracia, 120, 7th floor, Madrid. It heads a hotel operating group with owned, leased and third-party properties. Its Spanish registered office supports its inclusion among companies based in Spain, although control belongs to Thailand’s Minor International group. 2025 annual report: consolidated accounts and sustainability, p. 34 · NH corporate name change, April 2024.
The figures in this profile cover the consolidated MHEA group or the scope expressly stated. They do not describe the entire worldwide Minor Hotels platform or every hotel using brands such as NH Collection or Anantara. They should not be added to Minor International’s consolidated accounts, which already include the Spanish subsidiary. 2025 annual report: consolidated accounts and sustainability, p. 34 · 2025 annual report: consolidated accounts and sustainability, p. 140.
From NH in Pamplona to an international group
The NH hotel business began in 1978 with the Ciudad de Pamplona hotel, founded by Antonio Catalán. The Calderón in Barcelona joined in 1982 as the urban hotel model expanded across Spain. COFIR’s involvement and subsequent corporate transactions created a broader structure. Catalán sold his stake in 1997 and later developed AC Hotels, a separate business from today’s MHEA. NH corporate history · AER: Antonio Catalán profile, 2007, p. 1.
The parent’s legal history is different: it was incorporated on 23 December 1881 as Material para Ferrocarriles y Construcciones, S.A. The accounts trace its succession through MACOSA, Corporación Arco and COFIR, and the 1998 mergers that led to NH Hoteles. Hotel expansion included Krasnapolsky in 2000, Astron in 2002 and Hoteles Royal in 2015. Minor took control in 2018; shareholders approved the current name on 19 April 2024. 2025 annual report: consolidated accounts and sustainability, p. 34 · NH corporate history.
Ownership, delisting and leadership
At 31 December 2025, Minor International Public Company Limited indirectly held 99.46% through MHG Continental Holding (Singapore) Pte. Ltd. The delisting offer was authorised at €6.51 per share, and the shares ceased trading on 25 September 2025. This dated percentage does not mean that the transaction acquired 100% of the shares. 2025 annual report: consolidated accounts and sustainability, p. 126 · CNMV: delisting offer authorised, July 2025.
Gonzalo Aguilar became chief executive on 1 January 2025 after joining in October 2024 for the handover from Ramón Aragonés. The annual report identifies Dillip Rajakarier as chairman. The corporate website checked on 8 November 2026 continues to list Aguilar as CEO. Shareholders approved the 2025 accounts on 22 June 2026. Gonzalo Aguilar appointment, January 2025 · 2025 annual report: consolidated accounts and sustainability, p. 3 · Minor Hotels Europe & Americas executive team · Resolutions approved at the 22 June 2026 general meeting, p. 2.
How the business earns revenue
The business combines accommodation, food and beverage, meetings and events, rentals and services to other operators. In 2025, rooms generated €1,799.944 million; food and beverage, €465.999 million; function rooms and other activities, €153.617 million; and rentals and other services, €80.537 million. The last category includes fees from managed hotels and services to third parties, rather than those properties’ entire turnover. 2025 annual report: consolidated accounts and sustainability, p. 89.
Brands in the regional portfolio include NH Hotels, NH Collection, nhow, Anantara, Tivoli, Avani and iStay by NH. At year-end 2025, NH Hotels represented 58% of hotels and NH Collection 28%, using rounded percentages. Since 2025, Minor DISCOVERY has brought the brands’ loyalty programmes together within GHA DISCOVERY; this worldwide commercial reach extends beyond MHEA’s financial reporting scope. 2025 annual report: consolidated accounts and sustainability, p. 149 · NH corporate history.
Owned, leased, managed and franchised hotels
The operating portfolio at 31 December 2025 comprised 342 hotels and 54,823 rooms in 28 countries: 71 owned, 215 leased, 48 managed and 8 franchised hotels. Owned and leased properties totalled 286 hotels and 46,823 rooms; managed and franchised properties totalled 56 hotels and 8,000 rooms. These are contractual categories, not four separate companies. 2025 annual report: consolidated accounts and sustainability, p. 140 · 2025 annual report: consolidated accounts and sustainability, p. 150.
For owned and leased properties, MHEA or its subsidiaries hold the operating business. Under management contracts they operate on a third party’s behalf; franchisees use the brand, distribution system and standards. A shared hotel sign therefore does not establish a common employer, property owner or emissions boundary. 2025 annual report: consolidated accounts and sustainability, p. 152.
International footprint and Spain
Spain accounted for 83 hotels and 10,695 rooms at year-end 2025: 12 owned, 57 leased, 9 managed and 5 franchised. Italy had 59 hotels, Germany 47 and the Netherlands 27. The Americas region comprised 60 hotels across Brazil, Mexico, Colombia and five other countries. The report assigns the United States to its Southern Europe management region, so its regional divisions are not strictly continental. 2025 annual report: consolidated accounts and sustainability, p. 148 · 2025 annual report: consolidated accounts and sustainability, p. 150.
2025 revenue and earnings
Consolidated revenue for 2025 was €2,500.097 million, compared with €2,417.875 million in 2024. This is the turnover measure used in this profile. It excludes €8.677 million of other income and €7.463 million of net gains on asset disposals; adding those lines produces the income statement’s €2,516.237 million total income. 2025 annual report: consolidated accounts and sustainability, p. 30 · 2025 annual report: consolidated accounts and sustainability, p. 89.
Operating profit was €419.435 million. Consolidated profit reached €251.359 million, of which €243.993 million was attributable to the parent’s shareholders and €7.366 million to non-controlling interests. Figures here are in millions of euros; the original statements use thousands of euros. These are neither Minor International’s baht-denominated results nor the Spanish parent’s separate-company earnings. 2025 annual report: consolidated accounts and sustainability, p. 30.
Workforce: people, FTEs and reporting boundaries
The consolidated year-end workforce totalled 14,702 people on 31 December 2025: 7,195 men and 7,507 women. The accounts report an annual average of 14,840, excluding contracts shorter than two days. The management report labels that average as full-time equivalents (FTEs) and separately gives average headcount of 14,685. Each table’s units and dates are retained rather than treating an average as year-end headcount. 2025 annual report: consolidated accounts and sustainability, p. 90 · 2025 annual report: consolidated accounts and sustainability, p. 91 · 2025 annual report: consolidated accounts and sustainability, p. 275.
The following social reporting section uses 13,831 FTEs and excludes extra labour, non-employees and three Brazilian hotels because detailed information is unavailable for all variables. Its indicators therefore do not automatically describe the whole consolidated workforce. For workers at managed and franchised hotels, the report also acknowledges estimates where corporate systems lack employee data. 2025 annual report: consolidated accounts and sustainability, p. 276 · 2025 annual report: consolidated accounts and sustainability, p. 142.
Employment relations and working conditions
Within the stated social reporting scope, 92% was covered by collective agreements. The reported overall gender pay gap was 8.3%, based on average gross hourly remuneration, rising to 22.9% for top management. These are average differences under the company’s method; alone they establish neither discriminatory pay for equivalent jobs nor equal pay for each individual. 2025 annual report: consolidated accounts and sustainability, p. 283 · 2025 annual report: consolidated accounts and sustainability, p. 295.
In 2025, the whistleblowing channel confirmed two cases concerning the working environment, including inappropriate discriminatory comments; the text also describes authoritarian conduct by a supervisor. The company states that it recorded no employment incidents or serious human-rights incidents resulting in material sanctions, fines or compensation. This limited statement does not establish the absence of disputes or all infringements. 2025 annual report: consolidated accounts and sustainability, p. 296.
Health and safety: system and documented actions
The corporate health and safety policy was launched in 2023. During 2025 the company worked on the design and development of a global system based on ISO 45001:2018 and the WHO healthy workplace model. It covers risk assessment, information and training, health surveillance, emergencies, incidents, protective equipment and coordination between employers. Designing a standards-based system does not establish that every hotel is certified. 2025 annual report: consolidated accounts and sustainability, p. 291.
Spain introduced the 6 Conecta tool for risk assessments, preventive measures, safety information and PPE issue records. Hotel general managers were trained in the first phase; department-head training was planned for 2026. Italy introduced confidential online psychological support. Recorded occupational health and safety training in 2025 covered 4,132 hours and 1,357 people at owned and leased hotels, plus 485 hours and 172 people at managed and franchised hotels. These are reported participants, rather than evidence of universal coverage. 2025 annual report: consolidated accounts and sustainability, p. 293.
Injuries and illness: reading the denominators
For owned and leased hotels, the 2025 table reports 634 injuries with or without lost time, 417 lost-time injuries and 554 recordable injuries. The total and lost-time counts exclude commuting accidents; recordable injuries exclude first-aid cases. Reported frequencies are 22.95 total, 20.06 recordable and 15.10 lost-time injuries per million hours. Managed and franchised hotels report 183 total injuries with or without lost time, 113 lost-time injuries and 136 recordable injuries, with a lost-time frequency of 19.28 per million hours. These are separate worker groups. 2025 annual report: consolidated accounts and sustainability, p. 292.
The report states that the reported accidents and illnesses caused no death of a company employee while performing their duties. It records 10,629 days lost to injuries or occupational illness in owned and leased hotels, excluding extra labour. The illness table contains 116 records, 32 involving lost time, while the narrative mentions 28 affected people, mainly with musculoskeletal disorders, epicondylitis or tendinitis. Records and individuals should not be treated as equivalent. 2025 annual report: consolidated accounts and sustainability, p. 292.
Comparability has limits: the comparison with 2024 shows more recordable than total injuries for that year, and one lost-day percentage change does not reconcile with the reported counts. The social section also sets out the workforce exclusions described above, and the safety table provides no complete reconciliation to consolidated headcount. These data therefore do not justify claiming overall improvement across the entire network or zero fatalities throughout the value chain. 2025 annual report: consolidated accounts and sustainability, p. 276 · 2025 annual report: consolidated accounts and sustainability, p. 292.
What the case illustrates for hotel safety
From a prevention perspective, the disclosed musculoskeletal conditions point to the organisation and assessment of physical tasks, while hotel schedules and workplace-environment cases call for attention to work organisation. The report recognises work-life balance and absence challenges. Wellbeing programmes and psychological support can complement prevention but do not replace risk assessment or measures addressing tasks and workloads. 2025 annual report: consolidated accounts and sustainability, p. 291 · 2025 annual report: consolidated accounts and sustainability, p. 292 · 2025 annual report: consolidated accounts and sustainability, p. 296.
It also matters who employs and supervises each worker. The report distinguishes staff at managed and franchised hotels, outsourced services and other suppliers. Results for one category should not be extended to all contractors. This distinction helps frame coordination of cleaning, maintenance and other services alongside hotel employees. 2025 annual report: consolidated accounts and sustainability, p. 297 · 2025 annual report: consolidated accounts and sustainability, p. 91.
Operational innovation and customer data
The report describes specific 2025 AI uses: classifying and allocating requests received by group sales offices, translating emails in the central reservations office, and machine-learning models for revenue forecasts. It also describes guest-service tablets and digital registration signatures. These are company-reported projects and preliminary results; the cited sections provide no independent measurement of savings or response quality. 2025 annual report: consolidated accounts and sustainability, p. 339 · 2025 annual report: consolidated accounts and sustainability, p. 340.
Energy, emissions and water
Reported 2025 energy consumption was 594,159.59 MWh, with 47.68% from renewable sources within the stated scope. Owned and leased hotels fall within emissions scopes 1 and 2; managed and franchised hotels are included in scope 3. The main table gives 47,327 tCO₂e for scope 1 and 19,514 for market-based scope 2, compared with 72,378 for location-based scope 2. The two scope 2 measures should not be added together. 2025 annual report: consolidated accounts and sustainability, p. 237 · 2025 annual report: consolidated accounts and sustainability, p. 238 · 2025 annual report: consolidated accounts and sustainability, p. 240.
A footnote adds 2,962 tCO₂e from refrigerant leaks, taking scope 1 to 50,289 tCO₂e. The company excludes these from its comparable targets because historical data are unavailable. Reported scope 3 is 208,213.9 tCO₂e. Consequently, the table’s market-based total of 275,054.9 tCO₂e excludes those leaks and is not presented here as a complete inventory including refrigerants. 2025 annual report: consolidated accounts and sustainability, p. 240.
For water, the report identifies hotels’ and laundries’ exposure to water stress and describes toilet-flushing reuse at NH Málaga and greywater treatment for irrigation at NH Iquique Costa. These are site-specific measures. Their existence alone does not demonstrate lower consumption across every property. 2025 annual report: consolidated accounts and sustainability, p. 244 · 2025 annual report: consolidated accounts and sustainability, p. 246.
A dated regulatory case concerning cookies
The AEPD conducted proceeding PS/00490/2023 against NH Hotel Group, S.A., the same legal entity identified by tax number A28027944. Its December 2023 inspection found cookie-consent problems. Following the company’s explanations about technical functions and website revisions, a €10,000 penalty was proposed under Article 22.2 of Spain’s LSSI. The decision records a reduced €8,000 payment on 22 March 2024 and closure through voluntary payment. This is a 2024 regulatory record, not a new 2026 fine or an audit of the current website. AEPD: proceeding PS/00490/2023 closed following payment, p. 1 · AEPD: proceeding PS/00490/2023 closed following payment, p. 23 · AEPD: proceeding PS/00490/2023 closed following payment, p. 24 · AEPD: proceeding PS/00490/2023 closed following payment, p. 25.
Growth: openings and projects are different
The report lists eight openings during 2025, adding 991 rooms, including nhow Lima, NH Collection Ibiza and Tivoli Kopke Porto Gaia. It also records thirteen hotel exits. These portfolio movements are different from the net year-end property count. Strategy prioritises management and franchise contracts and growth in luxury, resorts and branded residences. 2025 annual report: consolidated accounts and sustainability, p. 151 · 2025 annual report: consolidated accounts and sustainability, p. 119.
The signed-project list mentions Anantara in Ushuaia and Miami, Tivoli in Lecce, Wolseley in New York and Colbert Collection in London. It reflects the status described in the 2025 report and is not treated as a list of hotels open by November 2026. The name change and delisting do not remove the distinctions between global brands, regional contracts and employing entities. 2025 annual report: consolidated accounts and sustainability, p. 119.
Frequently asked questions
Is Minor Hotels Europe & Americas the former NH?
It is the company previously named NH Hotel Group, S.A.; the name change was approved in April 2024. NH Hotels and NH Collection remain hotel brands. A regional legal company and a commercial brand are different concepts. [1] · [2] · [3]
Is it Spanish or Thai?
The company is incorporated and registered in Spain. Its indirect controlling shareholder is Thailand’s Minor International, with 99.46% at 31 December 2025 through MHG Continental Holding (Singapore). The profile distinguishes the subsidiary’s domicile from its ultimate parent’s nationality. [1] · [2] · [3] · [4]
What was revenue in the latest complete financial year?
In 2025, MHEA and its subsidiaries reported €2,500.097 million in consolidated revenue. Total income of €2,516.237 million also includes other income and gains on asset disposals. Neither figure covers the whole worldwide Minor International group. [1] · [2] · [3]
Does it own all its hotels?
No. Of 342 hotels at year-end 2025, 71 were owned, 215 leased, 48 managed and 8 franchised. Contract type creates differences in ownership, operations, employment and reporting. [1] · [2] · [3]
What occupational health and safety evidence is published?
The report describes a global system under development based on ISO 45001, actions such as 6 Conecta in Spain and separate injury statistics. For owned and leased hotels it reports 417 lost-time injuries and a frequency of 15.10 per million hours in 2025. Workforce exclusions and table limitations must be retained; this is not network-wide certification. [1] · [2] · [3] · [4] · [5]
Are its shares still listed?
No. Minor Hotels Europe & Americas shares ceased trading on the Spanish stock exchanges on 25 September 2025 after the delisting offer. The general meeting on 22 June 2026 approved the 2025 accounts. [1] · [2] · [3] · [4]
