Minor Hotel Group, the Bangkok-based company that operates the Anantara brand, has completed the acquisition of Portugal’s Tivoli Hotels & Resorts.
The deal, which is worth EUR294.2 million (US$320m), becomes the company’s largest ever acquisition and marks Minor’s entry into Europe and South America. Tivoli currently operates a portfolio of 14 properties across Portugal and Brazil.
“We are excited to add Tivoli to Minor Hotel Group’s portfolio of hotel brands,” said Dillip Rajakarier, Minor’s CEO. “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,” he added.
The acquisition was completed in stages over the course of more than 12 months, with Minor initially purchasing five Tivoli properties in Portugal and two in Brazil in January 2015, plus intellectual property rights to the company’s brand in Brazil.
This final transaction comprises seven hotels in Portugal, including the 119-room Tivoli Jardim Lisboa Hotel, the 77-room Tivoli Sintra Hotel, the 30-room Tivoli Palácio de Seteais, the 324-room Tivoli Lagos Hotel Beach Club & Golf, the 280-room Tivoli Victoria Vilamoura Golf Resort Conference & Spa, the 88-room Residences at Victoria Clube de Golf and the 100-room Tivoli Coimbra Hotel.
With these additional hotels, Minor’s total global portfolio now stands at 145 properties across 22 countries.
The Tivoli acquisition marks the latest in a series of international investments by Minor Hotel Group, including the 2011 purchase of Australia’s Oaks Hotels & Resorts, the 2013 deal for Vietnam’s Life Resorts, the acquisition of a 50% stake in the Maldives’ Per Aquum in 2013, and investments in Africa with Rani Investment and Sun International.