Minor sells Tivoli hotels to Invesco for €313 million

 In News, Tourism

The Thai real estate group Minor International has sold three Lisbon hotels under the Tivoli brand to a fund managed by Invesco Real Estate for €313 million.

The three Tivoli hotels will be let to the NH Hotel Group to manage from the end of July, Minor announced on Thursday.
According to a communiqué from the Spanish financial regulator CNMV, the Thai group is meeting a commitment it made at the Public Acquisition Operation (PAO) which saw it take control of the Spanish NH Hotel Group, which will allow Invesco to manage NH hotels in Portugal and Brazil.
Invesco is an independent investment management company that is headquartered in Atlanta, Georgia, US and has branch offices in 20 countries.
To make good on the commitment, Minor reached a binding agreement to sell the three Tivoli hotels it has in Lisbon – Tivoli Avenida da Liberdade Lisboa, Tivoli Oriente Lisboa and Avani Avenida da Liberdade – to funds managed by Invesco Real Estate which, later on, will rent them on to
NH which will manage them from the end of July in a 20-year rental contract.
According to an Invesco source quoted by Efe, the purchase of the three Lisbon hotels netted €313 million and represented “the biggest hotel sale operation in Portuguese history”.
After signing the three contracts, the Spanish hotel chain NH will be able to manage 12 hotels from the Thai group Minor International in Portugal and two hotels that it has in Brazil.
The integration of NH of the Minor hotels in Portugal and Brazil will bring NH an operational profit contribution (EBITDA) of €13 million.
At the same time, NH has agreed a management contract with Minor to run nine other hotels operating under the brands Tivoli and Anantara Hotels and Resorts in Portugal and located in Vilamoura, Carvoeiro, Sintra, Coimbra, Lagos and Portimão.
Following the operation, the combined total portfolio of Minor and NH in Portugal comes to 17 four and five star hotels which will “enable them to lead the sector in the country as main operator and consolidate its ample offer in the high range segment.”