Minor Hotel Group Completes Acquisition of Tivoli Hotels & Resorts for EUR 294.2 Million
Minor Hotel Group (MHG), owner and operator of hotels and resorts in 22 countries across Asia Pacific, the Middle East, Europe, South America, Africa and the Indian Ocean, today announces completion of the final stage of its acquisition of Tivoli Hotels & Resorts, a well-known Portugal-based brand with 14 properties across Portugal and Brazil. The acquisition of Tivoli Hotels & Resorts, which totals EUR 294.2 million, not only marks MHG's strategic entry into Europe and Latin America, but also provides the group with a strong operating platform to drive further growth in those markets.
The acquisition was completed in separate stages over the course of more than 12 months under highly challenging circumstances, highlighting MHG's strong, multijurisdictional deal execution capability. This final transaction follows MHG's acquisition in 2015 of five Tivoli hotels in Portugal and two Tivoli hotels in Brazil, along with the Tivoli brand 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. In addition MHG intends to fully capitalize on Tivoli's strong asset portfolio by investing further in the Tivoli hotel assets to further enhance the positioning of the brand across its markets.
This final stage of the brand's acquisition comprises seven hotels in Portugal: in the country's capital, the 119-key Tivoli Jardim Lisboa Hotel; the 77-key Tivoli Sintra Hotel in the UNESCO World Heritage Site of Sintra, and the 30-key Tivoli Palácio de Seteais to the west of Lisbon; in the Algarve, one of Europe's premier tourism destinations, the 324-key Tivoli Lagos Hotel Beach Club & Golf; the 280-key Tivoli Victoria Vilamoura Golf Resort Conference & Spa; The Residences at Victoria Clube de Golf which has 88-keys, plus the 100-key Tivoli Coimbra Hotel in historic Coimbra north of Lisbon. These seven properties are part of the overall Tivoli portfolio of 14 hotels, totaling 12 in Portugal and two in Brazil, with almost 3,000 keys in total.
Dillip Rajakarier, COO of Minor International and CEO of Minor Hotel Group, commented, "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 realize the full potential of this strategic investment."
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 in Southern and East Africa, Asia, Australia, South America and Europe.
These investments include, in addition to Tivoli, a joint venture with Sun International, new hotel projects in Australia and Malaysia and investments with existing joint venture partners Rani Investment and Elewana Collection in Southern and East Africa.
With these additional Tivoli hotels, MHG's overall hotel portfolio now totals 145 properties across 22 countries. Tivoli is a member of Global Hotel Alliance, to which three of MHG's existing brands – Anantara, AVANI and PER AQUUM – also belong.
About Minor International
Minor International (MINT) is a global company focused on three core businesses: restaurants, hospitality and lifestyle brands distribution. MINT is one of Asia"s largest restaurant companies with over 2,000 outlets operating system-wide in 19 countries under The Pizza Company, Swensen"s, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, BreadTalk (Thailand) and Riverside brands. MINT is also a hotel owner, operator and investor with a portfolio of 155 hotels and serviced suites under the Anantara, AVANI, Oaks, PER AQUUM, Tivoli, Elewana Collection, JW Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in 24 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and South America. MINT is one of Thailand"s largest distributors of lifestyle brands focusing primarily on fashion, home and kitchenware and contract manufacturing. Its brands include Gap, Banana Republic, Brooks Brothers, Esprit, Bossini, Etam, Charles & Keith, Pedro, Radley, Anello, Zwilling J.A. Henckels, Joseph Joseph and ETL Learning. Bemynt is MINT"s e-commerce platform offering premium fashion and lifestyle products. For more information, please visit www.minorinternational.com.