Own

NH Hotel Group integrates Minor's Portugal, Brazil hotels

Following Minor International's bid to takeover NH Hotel Group in 2018, the two companies have reached agreements for a range of properties, building on a framework agreement they put together this past February

First, Minor entered a binding agreement for the sale of three properties located in Lisbon (the 285-room Tivoli Avenida Liberdade, 119-room Avani Avenida Liberdade and 279-room Tivoli Oriente) to funds managed by Invesco Real Estate. The properties will be leased by NH Hotel Group under an extendible, 20-year sustainable lease agreement.

NH also reached a management agreement with Minor covering nine hotels operated in Portugal under the Tivoli and Anantara Hotels & Resorts brands in the cities of Vilamoura, Carvoeiro, Sintra, Coimbra, Lagos and Portimão, for a combined portfolio of 17 hotels (including the Tivoli Évora Ecoresort, operated under a franchise agreement). 

Last, taking advantage of NH's presence in Latin America, the two groups signed a management advisory agreement covering Minor's portfolio in Brazil, where it has two hotels with a total of 504 rooms.

"With this agreement, we are completing successfully and in record time an important milestone in our integration with Minor International," said Ramón Aragonés, CEO of NH Hotel Group. "The transaction injects greater variety and quality into our footprint in southern Europe and Latin America and will allow us to accelerate our plans for growth and for leveraging our complimentary business profiles."

The integration of these hotels into NH's operations will add around €13 million to its annual EBITDA, according to the company.