Hotels Tivoli Marina Vilamoura and Carvoeiro sold to Spanish fund for 148 million

Grupo Minor Internacional maintains the management of the two hotels

The hotels Tivoli Marina Vilamoura and Tivoli Carvoeiro were sold for 148 million euros by the Thai hotel group Minor International (Mint) to the Azora European Hotel & Lodging fund of Spain's Azora Gestión.

According to Jornal de Negócios, citing a statement, the two hotel units will continue to be managed by Minor, through the NH Hotel Group (NHH), for 20 years, which may be extended for another ten.

The Minor International acquired the Tivoli hotels in 2016 to the bankrupt Espírito Santo Group (GES) for 294 million.

In the same year, the Tivoli Victoria, in Vilamoura, became the first Anantara hotel in Europe.

Now, the Thai group has sold two of the units it bought about 5 years ago, with "a net gain on the sale of assets of 26 million euros".

«It is with satisfaction that we fulfill yet another of our commitments to our shareholders, in the sense of strengthening our balance sheet with this milestone at such a challenging time. The transaction further increases the overall return on the Tivoli portfolio,” said Dillip Rajakarier, CEO of Mint.

Concha Osácar, one of Azora's founding partners, stated, in turn, the “serious conviction that there will be a deep post-pandemic recovery in the European hotel and leisure sector, which had a significant repressed demand after the long periods of blockades and restrictions, especially in the sun and beach markets».

“As we emerge in a post-Covid world, we build a strong pipeline new investment opportunities and we're holding conversations with the owners and operators of some of the best hotels in Europe, such as the two Tivoli Hotels we've acquired today. (…) This acquisition represents a rare opportunity to acquire two well-run, prestigious hotels at an attractive price, which we believe will allow us to create long-term value for our customers», he concluded.