MINOR Hotel Group has acquired Portugal’s Tivoli Hotels & Resorts, marking its entry into Europe and Latin America.
The 294.2 million euro (US$320..6 million) transaction is the largest ever in Portugal’s hospitality sector, and the biggest deal Minor has ever undertaken, resulting in almost 3,000 additional rooms at approximately 102,000 euros per key for the hotel group. With this, Minor now owns all 12 of Tivoli’s properties in Portugal as well as two in Brazil.
Dillip Rajakarier, CEO of Minor Hotel Group and COO of Minor International, said Tivoli will be kept as a separate four to five star brand within the group.
Alluding to the Group’s prior acquisition of the Oaks Hotels and Resorts range, Rajakarier said Minor will adopt similar long-term growth strategies to reposition Tivoli as a global brand. There is a possibility of bringing it into the Portuguese-speaking parts of Africa, such as Angola and Mozambique, for instance.
“We would like to extend our base into other European countries,” he added. “We are looking at Spain, the UK, Germany, Norway and other Nordic countries. There are other deals I hope can be announced (within a year).”
