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| Tivoli Hotels & Resorts, Portugal |
BANGKOK, THAILAND -- Minor
Hotel Group (MHG), owner and operator of hotels and resorts in 22 countries
across Asia Pacific, the Middle East, Europe, South America, Africa and the
Indian Ocean, announces completion of the final stage of its acquisition of
Tivoli Hotels & Resorts, a well-known Portugal-based brand with 14
properties across Portugal and Brazil.
The acquisition of Tivoli
Hotels & Resorts, which totals EUR 294.2 million, not only marks MHG’s
strategic entry into Europe and Latin America, but also provides the group with
a strong operating platform to drive further growth in those markets.
This represents the
largest-ever hospitality transaction in Portugal and is a highly accretive
acquisition for MHG. The Tivoli business is strong, generating revenue of EUR
121 million and normalised EBITDA of EUR 31 million in 2015. The acquisition
not only adds strong earnings underpinned by valuable hotel assets, but is also
well-timed to capitalise on recent strong growth in Portugal’s tourism market.
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| Tivoli Hotels and Resorts, Portugal |
The acquisition was
completed in separate stages over the course of more than 12 months under
highly challenging circumstances, highlighting MHG’s strong,
multijurisdictional deal execution capability.
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 intends to fully capitalise 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.
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| Tivoli Hotels and Resorts, Portugal |
This final stage of the
brand’s acquisition comprises seven hotels in Portugal: in the country’s
capital, the 119-key Tivoli Jardim Lisboa Hotel; the 77-key Tivoli Sintra Hotel
in the UNESCO World Heritage Site of Sintra, and the 30-key Tivoli Palácio de Seteais
to the west of Lisbon; in the Algarve, one of Europe’s premier tourism
destinations, the 324-key Tivoli Lagos Hotel Beach Club & Golf; the 280-key
Tivoli Victoria Vilamoura Golf Resort Conference & Spa; The Residences at
Victoria Clube de Golf which has 88-keys, plus the 100-key Tivoli Coimbra Hotel
in historic Coimbra north of Lisbon.
These seven properties are
part of the overall Tivoli portfolio of 14 hotels, totalling 12 in Portugal and
two in Brazil, with almost 3,000 keys in total.
Dillip Rajakarier, COO of Minor International and CEO of Minor Hotel Group, commented,
“We are excited to add Tivoli to Minor Hotel Group’s portfolio of hotel brands.
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| Dillip Rajakarier |
“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 Tivoli acquisition further cements
MHG’s position as a world-class hotel operator, with a portfolio now extending
to Europe and South America. Looking forward, we have already planned further
investment into the Tivoli hotel assets and its operating and distribution
infrastructure to realise the full potential of this strategic investment.”
The Tivoli acquisition is
the latest in a series of international investments by Minor Hotel Group as
part of its long term diversification strategy, which over the last two years
has seen the group invest over USD 550 million in hotel projects in Southern
and East Africa, Asia, Australia, South America and Europe.
These investments include, in addition to
Tivoli, a joint venture with Sun International, new hotel projects in Australia
and Malaysia and investments with existing joint venture partners Rani
Investment and Elewana Collection in Southern and East Africa.
With these additional
Tivoli hotels, MHG’s overall hotel portfolio now totals 145 properties across
22 countries. Tivoli is a member of Global Hotel Alliance, to which three of
MHG’s existing brands – Anantara, AVANI and PER AQUUM – also belong.
For a complete copy of the company’s news release,
please contact:
Hwee Peng Yeo
Vice President, Asia
Markets
Glodow Nead Communications
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