Azora European Hotel & Lodging, FCR, managed by Azora Altus, S.A. acquired Tivoli Marina Vilamoura and Tivoli Carvoeiro from Minor International Public Company Limited for approximately €150 million.
July 20, 2021
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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.
Minor International Public Company Limited is a Thailand-based company engaged in the investment activities, hotels, restaurant operations, and distribution and manufacturing. The Company operates through four segments: Hotel, Mixed use, Restaurant and Retail. The Company operates hotels, resorts and serviced suites with a portfolio of over 530 hotels under the Anantara, AVANI, Oaks, Tivoli, Elewana, NH Collection, NH, nhow, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands. Its hotel and spa portfolio spans across 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas. The Company operates mixed-use business, including shopping plazas and entertainment, residential properties, and a points-based vacation club. It offers fashion and lifestyle products under various brands, including Anello, BergHOFF, Bossini, Charles & Keith, Joseph Joseph, Zwilling J.A. and Minor Smart Kids.
Azora European Hotel & Lodging, FCR, managed by Azora Altus, S.A. acquired Tivoli Marina Vilamoura and Tivoli Carvoeiro from Minor International Public Company Limited for approximately €150 million.