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Sign in Sign up for a FREE subscriptionAzora pays €148m for two hotels in Portugal
Azora has completed the acquisition of two, five-star hotels in Portugal’s Algarve region on behalf of its Azora European Hotel and Lodging Fund (Azora EH&L), through a sale and manage back transaction for €148 million ($175 million) with Minor International (MINT), an international hotel, restaurant and lifestyle group that acquired the NH Hotel Group for €2.3 billion ($2.7 billion) in October 2018.
The two hotels, which comprise the Tivoli Marina Vilamoura resort and the Tivoli Carvoeiro resort, will continue to be operated by NH Hotel Group on behalf of MINT under the Tivoli brand for an initial term of 20 years, with options to extend for a further 10 years.
The transaction means that Azora has now committed more than €680 million ($802 million; €305 million/$360 million of equity) on behalf of the fund, which achieved a €680 million ($802 million) first close in summer 2020 and follows Azora’s recent acquisition of the Giverola Resort, a 213 apar
