Minor Hotel Group (MHG) has announced the 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 €294 million (£228 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.
This represents the largest-ever hospitality transaction in Portugal and is a highly lucrative acquisition for MHG. The acquisition not only adds strong earnings underpinned by valuable hotel assets, but is also well-timed to capitalise on recent strong growth in Portugal’s tourism market.
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 realise 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 $550 million (£378 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.