Minor Hotel Group, owner and operator of hotels and resorts in 22 countries across Asia Pacific, the Middle East, Europe, South America, Africa and the Indian Ocean, have announced completion of the final stage of its acquisition of Tivoli Hotels & Resorts.
The acquisition of Portugal-based brand Tivoli, with 14 properties across Portugal and Brazil which totals EUR 294.2 million, not only marks MHG’s entry into Europe and Latin America, but also provides the group with an operating platform to drive further growth in those markets.
This represents the largest-ever hospitality transaction in Portugal. The Tivoli business generated revenue of EUR 121 million in 2015.
The acquisition is well-timed to capitalize on recent strong growth in Portugal’s tourism market, and was completed in separate stages over the course of more than 12 months. This final transaction follows MHG’s acquisition in 2015 of five Tivoli hotels in Portugal and two Tivoli hotels in Brazil. This now gives MHG the opportunity to expand the reach of the Tivoli brand into its other areas of operation including the Middle East, Africa and Asia.
This final stage of the brand’s acquisition comprises seven hotels in Portugal. These seven properties are part of the overall Tivoli portfolio of 14 hotels, totaling 12 in Portugal and two in Brazil.
“We are excited to add Tivoli to Minor Hotel Group’s portfolio of hotel brands. With over 80 years of history, the Tivoli brand brings with it a rich heritage, a highly experienced team and a deeply loyal customer base. The Tivoli acquisition further cements MHG’s position as a world-class hotel operator, with a portfolio now extending to Europe and South America. Looking forward, we have already planned further investment into the Tivoli hotel assets and its operating and distribution infrastructure to realise the full potential of this strategic investment,” Dillip Rajakarier, COO of Minor International and CEO of Minor Hotel Group said.
The Tivoli acquisition is the latest in a series of international investments by Minor Hotel Group as part of its long term diversification strategy, which over the last two years has seen the group invest over USD 550 million in hotel projects.