Thailand’s Minor Hotel Group has acquired the
Hotel Tivoli Oriente in Lisbon, Portugal.
The EUR 38.5 million
acquisition includes freehold land and hotel assets, which are
long term leased to a third party lessee.
During the current lease
term, the hotel will continue to operate as Tivoli Oriente,
operated by Tivoli Hotels & Resorts. Upon the expiry of the
current lease term in mid 2016, MHG has said it will decide whether to
continue leasing the property to a third party lessee, or to
operate the property itself.
Located in Parque das Nações, overlooking the
River Tagus in the Portuguese capital, Tivoli Oriente has 279
guest rooms, a restaurant and bar, outdoor swimming pool, 799-sqm meeting room and parking for 90 cars.
can be easily reached from any part of the city or further away by
using the nearby Gare do Oriente train station, and is just five
minutes from Lisbon Portela Airport.
This strategic asset investment follows MHG’s milestone EUR
168 million acquisition earlier this year of four Tivoli hotels in
Portugal and two Tivoli hotels, along with the Tivoli Hotels &
Resorts brand, in Brazil, which represented the group’s entry into
the hospitality sector in those two continents and established
Portugal and Brazil as MHG’s two strategically-chosen countries
for future expansion into Europe and South America.
of Tivoli Oriente takes MHG’s portfolio to 135 properties.
Dillip Rajakarier, Group COO of Minor International and CEO of
Minor Hotel Group, said, “Following MHG’s acquisition of six
Tivoli hotels earlier this year, including four assets in
Portugal, this latest investment to acquire Tivoli Oriente in
Lisbon continues the group’s strategic plans to build a strong
business in Europe, with Portugal the continued country of focus.
The seven properties that the group now owns represent the
majority of value of the total 14 properties in the Tivoli-branded
portfolio. MHG believes that the potential expansion of the brand
in Portugal in the future could pave the way to create an even
stronger platform and a more valuable intellectual property asset
for the group.”
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