Minor acquires six hotels in Brazil and Portugal
US $189.7 million investment marks group entry in South America and Europe
Minor Hotel Group has acquired six hotels in Portugal and Brazil, including the Tivoli Hotels & Resorts brand in Brazil.
The €168 million (US $189.7mn) investment mark’s the group’s entry in Europe and South America, which have been strategically chosen by Minor for future expansion.
In Brazil, the group has acquired two properties – the 220-key Tivoli Sao Paulo Mofarrej in Sao Paulo, and the 287-key Tivoli Ecoresort Praia do Forte, located in an ecological reserve on the coast close to Salvador in Bahia.
Minor Hotel Group also made strategic asset acquisitions of four Tivoli properties in Portugal – one in the country’s capital, and three in Algarve. The four properties are being leased to a third-party who owns the Tivoli Hotels & Resort brand for Portugal.
The properties include the 306-key Tivoli Lisboa in Lisbon; the 383-key Tivoli Marina Vilamoura; the 196-key Tivoli Marina Portimao, and the 293-key Tivoli Carvoeiro.
The six hotels will continue to operate under Tivoli Hotels & Resorts’ Tivoli and Tivoli Collection brands. The brands are a member of Global Hotel Alliance, which also includes three Minor Hotel Group brands, including Anantara, Avani, and Per Aquum.
Commenting on the acquisition, Minor International chairman and Group CEO William E Heinecke said: “In recent years, MINT has focused on expansion in Asia, Australia, the Middle East and Africa. With the current portfolio already starting to bear fruit, MINT is now looking beyond for compelling opportunities that will further expand its global coverage and steepen MINT’s long-term growth trajectory.
“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.”
Minor Hotel Group CEO Dilip Rajakarier added: “Following the acquisition of Oaks Hotels and Resorts in Australia in 2011, Minor Hotel Group has completed a series of hotel investments, including a luxury brand in the Maldives, upscale properties in Vietnam and Cambodia and in 2014 we also significantly increased our presence in Africa, with the joint venture of hotels and mixed-use projects in Mozambique, and our partnership with Sun International in four further countries on the continent.
“The two additions in Brazil, together with the brand and operating platform, will complement well with our overall portfolio and seed MHG’s clustering plan for South America. Moreover, the four hotels in Portugal are highly strategic as we plan ahead for our scalable expansion in Europe.”
Minor Hotel Gorup is a hotel owner, operator and investor, with a portfolio of 125 hotels and resorts in operation under the Anantara, AVANI, Per AQUUM, Tivoli, Oaks, Elewana, Marriott, Four Seasons, St. Regis and Minor International brands in 21 countries.