Thai hotel group enters Europe with €294m Portuguese deal
Asian hotel investor Minor Hotel Group has entered the European and Latin American markets by acquiring Portuguese hotel operator Tivoli Hotels & Resorts for €294.2 million ($329.6 million).
Tivoli Hotels & Resorts has 14 properties across Portugal and Brazil. This represents the largest-ever hospitality transaction in Portugal.
The acquisition was completed in separate stages over the course of more than 12 months, and this final transaction follows Minor Hotel’s acquisition in 2015 of five Tivoli hotels in Portugal and two Tivoli hotels in Brazil, along with the Tivoli brand in Brazil.
The acquisition gives the Bangkok-based hotel investor 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, Minor Hotel intends to capitalize on Tivoli's strong asset portfolio by investing further in the Tivoli hotel assets to further enhance the posit