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Minor Hotel Group (MHG) has completed its acquisition of Portugal-based hotel brand Tivoli Hotels and Resorts.
The deal worth €294.2 million provides MHG, which owns and operates properties in 22 countries globally, with a platform to “drive further growth” in key markets.
MHG’s investment sees it acquiring 14 properties across Portugal and Brazil including hotels in Lisbon and Sao Paulo.
Tivoli generated revenue of €121 million last year and the deal represents the largest hospitality transaction in Portugal. It follows MHG’s acquisition last year of five Tivoli hotels in Portugal and two in Brazil as well as the brand.
Dillip Rajakarier, COO of Minor International and CEO of Minor Hotel Group, said: “We are excited to add Tivoli to Minor Hotel Group’s portfolio of hotel brands. 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,” he said.
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