NH Hoteles buys five hotels from Minor

NH Hoteles has acquired five hoteles in Portugal held by its largest shareholder, the Thai group Minor for €133.2 million.

According to the Spanish stock market regulator CNMV the operation had been agreed in February 2019 as part of an agreement to purchase a majority shareholding in the Spanish group by Minor, involves three hotels held by Minor Continental Holding, the sole shareholder of Minor Hotels Portugal, plus a unit which is rented out, and another for which Minor holds the surface rights until 2057. The five hotels have a total of 923 rooms.
The acquired hotels are: Anantara Vilamoura Algarve Resort, Tivoli Lagos Algarve Resort, NH Sintra, NH Marina Portimão, and Tivoli – The Residences at Victoria.
The Spanish group indicates that the incorporation of these hotels should contribute to around an additional €11 million in terms of EBITDA results. The consultancy PLMJ assisted Minor in the operation.