MINOR Hotel Group (MHG) has announced that it has made a strategic acquisition of six hotels and more than 1,600 keys in Portugal and Brazil, and the Tivoli Hotels & Resorts brand for Brazil.
The milestone €168 million ($191.8 million) investment represents MHG’s entry into the hospitality sector in two new continents and establishes Portugal and Brazil as MHG’s two strategically chosen countries for future expansion into Europe and South America.It acquired the 220-key Tivoli Sao Paulo Mofarrej and Tivoli Ecoresort Praia do Forte, a 287-key resort in the heart of an ecological reserve on the coast close to Salvador in Bahia. In addition to the two properties, the acquisition comprises a strong hotel operating platform and the intellectual property rights to the Tivoli Hotels & Resorts brand for Brazil. The investment also represents MHG making strategic asset acquisitions of four Tivoli properties in Portugal – one in the country’s capital and three in the Algarve, one of Europe’s premier tourism destinations. The properties are the 306-key Tivoli Lisboa in the capital city of Lisbon; the 383-key Tivoli Marina Vilamoura; the 196-key Tivoli Marina Portimao and the 293-key Tivoli Carvoeiro. The Portugal acquisition comprises four properties that are being leased to a third-party who owns the Tivoli Hotels & Resort brand for Portugal. The six hotels will continue to operate as Tivoli and Tivoli Collection, the two brands within Tivoli Hotels & Resorts.