Azora European Hotel & Lodging, FCR, managed by Azora Altus, S.A. acquired Tivoli Marina Vilamoura and Tivoli Carvoeiro from Minor International Public Company Limited (SET:MINT) for approximately €150 million on July 21, 2021. Following the completion of the transaction, the hotels will continue to be operated under the Tivoli brand by MINT through NH Hotel Group under hotel management agreements, for an initial term of 20 years and with options to extend for a total term of up to 30 years. The net gain on sale of assets is €26 million. Azora European Hotel & Lodging, FCR, managed by Azora Altus, S.A. completed the acquisition of Tivoli Marina Vilamoura and Tivoli Carvoeiro from Minor International Public Company Limited (SET:MINT) on July 21, 2021.