Minor Hotel Group (MHG) acquired six hotels and over 1,600 keys in Brazil and Portugal, and the Tivoli Hotels & Resorts brand for Brazil. The hotels were purchased for over $190 million.
The Brazil acquisition comprises of two properties: the 220-key Tivoli Sao Paulo Mofarrej in Sao Paulo and the Tivoli Ecoresort Praia do Forte, a 287-key resort in the heart of an ecological reserve on the coast close to Salvador in Bahia. In addition to the two properties, the acquisition comprises a hotel operating platform and the intellectual property rights to the Tivoli Hotels & Resorts brand for Brazil.
The investment also represents MHG making strategic asset acquisitions of four Tivoli properties in Portugal - one in the country's capital and three in the Algarve. The properties are: the 306-key Tivoli Lisboa in the capital city of Lisbon, the 383-key Tivoli Marina Vilamoura, the 196-key Tivoli Marina Portimao and the 293-key Tivoli Carvoeiro. The Portugal acquisition comprises four properties that are being leased to a third-party who owns the Tivoli Hotels & Resort brand in Portugal.
The six hotels will continue to operate as Tivoli and Tivoli Collection, the two brands within Tivoli Hotels & Resorts. Owners of Tivoli Hotels & Resorts brands in Brazil and Portugal have existing co-marketing and co-distribution agreements which see a combined Tivoli portfolio of 14 hotels and over 2,900 keys in Brazil and Portugal.