EUROPE/AMERICAS – Minor Hotel Group (MHG) has acquired six hotels in Portugal and Brazil, and the Tivoli Hotels & Resorts brand for Brazil in a deal worth €168m (US$191m). The acquisition marks MHG’s entry into the hospitality sector in two new continents.
The hotel group says Portugal and Brazil were strategically chosen for future expansion into Europe and South America.
The Brazil acquisition comprises two properties: the 220-key Tivoli Sao Paulo Mofarrej in Sao Paulo with 1,900sqm of meeting space and Tivoli Ecoresort Praia do Forte, a 287-key resort close to Salvador in Bahia. In addition to the two properties, the acquisition comprises a strong hotel operating platform and the intellectual property rights to the Tivoli Hotels & Resorts brand for Brazil.
The investment also includes the acquisition of four Tivoli properties in Portugal – one in the country’s capital and three in the Algarve. The properties are: the 306-key Tivoli Lisboa in Lisbon with 18 meeting rooms and capacity for 322 guests ; the 383-key Tivoli Marina Vilamoura with 3,400sqm of events space; the 196-key Tivoli Marina Portimao with events space for 150 delegates seated; and the 293-key Tivoli Carvoeiro (pictured) with events space for 900 guests seated. The Portugal acquisition comprises four properties that are being leased to a third-party who owns the Tivoli Hotels & Resort brand for Portugal.
William Heinecke, chairman and group CEO of Minor International (MINT), MHG’s parent company, said: “In recent years, MINT has focused on expansion in Asia, Australia, the Middle East and Africa. MINT is now looking beyond for compelling opportunities that will further expand its global coverage.
“The Tivoli Brazil portfolio not only generates immediate revenue and earnings contribution, it also allows MINT to leverage on this existing Brazil operating platform for potential expansion of MINT’s other brands and businesses into South America, and the four Portugal hotels will serve as our entry for MINT to build a strong business in Europe.”
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