Spanish hotel group Barcelo has expressed interest in merging with rival NH Hotel Group, according to Reuters.
Barcelo is seeking to acquire a 60 percent stake and a majority of the board seats in the combined company, which would become Spain's largest hotel operator with more than 600 hotels across Europe, South America and the Caribbean.
The non-binding offer values NH Hotel Group at approximately $3 billion.
The proposal comes as Spain is in the midst of a tourism boom, having hosted 36.3 million visitors over the first six months of 2017. Reuters reported tourism directly accounts for 11 percent of the destination's economic output.
China's HNA Group is NH Hotel Group's largest shareholder, owning a 29.5 percent stake. However, the group did not immediately comment on the offer.
Last year, NH Hotels CEO Federico Gonzalez Tejera and several HNA-appointed board members were forced out amid HNA's pending acquisition of Carlson Hotels, which constituted a conflict of interest.
NH Hotel Group said its independent three-year strategic plan is still in place and that it will inform the stock exchange if it plans to pursue a new path.
"NH Hotel Group's board of directors recently approved a three-year strategic plan for the company, which aims to boost company growth independently from this news and any other, and that plan is still valid today. Any changes regarding this decision or other strategic alternatives or considerations will be communicated accordingly to the market," the company said in a statement via The Caterer.
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