Minor Hotel Group (MHG) announced the completion of the final stage of its acquisition of Tivoli Hotels & Resorts, an established Portugal-based brand with 14 properties across Portugal and Brazil.
The acquisition of Tivoli Hotels & Resorts, which totals 294.2 million euro ($320 million) deal, marks MHG's strategic entry into Europe and Latin America and an opportunity to drive further growth. MHG is based in Thailand and operates the Anantara, AVANI and PER AQUUM hotel brands, among others.
"We are excited to add Tivoli to Minor Hotel Group's portfolio of hotel brands,” said Dillip Rajakarier, COO of Minor International and CEO of Minor Hotel Group. “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 acquisition was completed in separate stages over the course of more than 12 months. 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 says it 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 includes the 324-key Tivoli Lagos Hotel Beach Club & Golf and the 280-key Tivoli Victoria Vilamoura Golf Resort Conference & Spa.
MHG's overall hotel portfolio now totals 145 properties across 22 countries.
