The Minor Hotel Group of Thailand is investing 50 million euros in a plan to renovate its Tivoli hotels, and work is already underway at three units, two in Portugal and one in Brazil, said the chain’s chief executive, Filipe Santiago.
The acquisition of Tivoli Hotels by the Minor Hotel Group for 294.2 million euros was carried out in two phases, the last of which was marked by many advances and setbacks in the courts, according to the Portuguese press.
Tivoli hotels was one of the few businesses to survive the collapse of the Espírito Santo Group (GES), although it has undergone a recovery plan and survived a seizure order issued against the property of Rioforte, the non-financial holding group of GES because of judicial investigations in progress.
The Minor Hotel Group began this operation with the acquisition of hotels in Brazil and some land in Portugal in 2014, in a deal valued at 160 million euros, and then made an offer to buy Tivoli Hotels offer under the Special Revitalisation Plan.
The group’s chief executive, Dillip Rajakarier, announced its intention not only to keep the Tivoli chain, one of the oldest brands in the sector at over 80 years old, but also revealed plans to expand the brand outside of Portugal. Filipe Santiago said that some destinations were already under consideration.
The CEO of the Minor Hotel Group, which owns 145 units in 22 countries, also revealed plans to take some of the Thai group’s bands to Portugal, including Anantara, a high luxury brand, as well as Avani.
With 14 units, 12 in Portugal and two in Brazil, Tivoli Hotels generated revenues of 121 million euros in 2015. (macauhub/BR/PT)