Hyatt Hotels Corp. stepped back from making a bid for Spanish hotel operator NH Hotel Group SA, saying an offer now looks impractical. NH shares fell the most in almost six months.
Hyatt wrote to NH Hotel’s board about a possible bid proposal on July 26. Two hours later, Minor International Pcl disclosed that it controlled 44 percent of the Spanish company’s shares. Bangkok-based Minor in June said it would make an offer for all of NH Hotel after agreeing to buy a stake from China’s HNA Group Co.