The Minor Hotel Group (MHG) of Thailand acquired Hotel Tivoli Oriente in Lisbon, for 38.5 million euros, and now owns a total of five hotels in the Tivoli chain, the group said in a statement issued in Bangkok.
The group also reported that the purchase “includes the right to ownership of the land and hotel assets, which are leased to third parties,” namely an investment fund managed by GNB Asset Management (formerly Espírito Santo Activos Financeiros), owner of the Tivoli Hotels & Resorts brand in Portugal.
As long as this lease is in place the hotel will continue to operate as Tivoli Oriente and continue under the current managers, but at the end of the lease term, MHG will decide whether to continue to lease the property or it will “take over the management of the asset,” the group, without specifying the duration of the contract.
Hotel Tivoli Oriente is located in Parque das Nações, along the Tagus River. It has 279 rooms, a restaurant and bar, an outdoor swimming pool, conference hall and parking and it is within easy of anywhere in the city using the metro network.
Earlier this year, the Thai group – which owns and manages hotels and resorts in 19 countries in Asia Pacific, Middle East and Africa – paid 168 million euros for two Tivoli hotels in Brazil and four properties of the Tivoli Group chain in Portugal, an acquisition that included the hotel operations and the rights to the brand in Brazil.
“The investment in the purchase of Tivoli Oriente is just a continuation of the Group’s strategy, which aims to build a strong presence in Europe and, more specifically, in Portugal,” said Dillip Rajakarier, CEO of the Minor Hotel Group and Director of Minor International operations. (macauhub/PT)