Thai group Minor International has sold two hotels in the Algarve – Tivoli Marina Vilamoura and Tivoli Carvoeiro – to Azora European Hotel & Lodging, an investment fund managed by Spain-based property investment manager Azora GÃ©stion.
The deal was for 148 million euros, Minor International announced on Wednesday.
Both hotels will retain their Tivoli brand and will continue to be managed by Minor through the NH Hotel Group (NHH) for 20 years, with an option to extend for a total term of 30 years.
The transaction generated a “net gain of 26 million euros on asset sales,” said the group, which bought 14 Tivoli hotels from Grupo EspÃrito Santo (GES) in 2016 for 294 million euros in this which has been described as “the largest hotel transaction ever in the world”. Portugal“.
“This agreement reiterates the combined strength of Mint and NHH in executing another strategic asset rotation with a respected institutional real estate investor in Europe, following the sale and leaseback of NH Collection Barcelona Gran Hotel CalderÃ³n on last month, âDilip said. Rajakarier, CEO of Minor International.
He added: âThe transaction further improves the overall performance of the Tivoli portfolio. “
Meanwhile, one of Azora’s founding partners expressed his “strong belief that there will be a deep post-pandemic recovery in the European hospitality and leisure sector, which saw its demand drastically suppressed after long periods of restrictions, especially in the sun and at the beach. markets.
âAs we emerge in a post-Covid world, we are building a strong pipeline of new investment opportunities and promoting discussions with the owners and operators of some of Europe’s best hotels, such as the two Tivoli hotels that we bought today (Wednesday), âsaid Concha Osacar.
“This purchase represents a rare opportunity to acquire two prestigious, well-managed hotels at an attractive price, which we believe will allow us to create long-term value for our customers,” she added.
During Minor International’s ownership of both hotels, Tivoli Carvoeiro underwent a major facelift that propelled it to five-star status and included the opening of a new restaurant and a rooftop Sky Bar.