MINT Makes a Strategic Entry into Europe and South America
Minor International Public Company Limited ("MINT") today announces that it has made a strategic acquisition of a hotel portfolio of over 1,600 keys, consisting of: (i) two hotel properties in Brazil, including a hotel operating platform and the intellectual property rights of Tivoli Hotels & Resorts brand in Brazil, and (ii) four hotel properties in Portugal. The EUR-168-million milestone investment allows MINT to expand into the hospitality sector in Brazil, a premier destination in South America and the regional economic powerhouse, as well as make strategic asset acquisitions of well-positioned hotels in Portugal, a country with strong hospitality market and fast recovering economy. Furthermore, the acquisition has established MINT’s two strategically-chosen countries for its future expansion into Europe and South America.
The Brazil acquisition comprises of two properties which are Tivoli Sao Paulo Mofarrej in Sao Paulo, Brazil’s main economic hub and most populous city, and Tivoli Ecoresort Praia do Forte in Salvador, a strong hotel operating platform, and the intellectual property rights to the Tivoli Hotels & Resorts brand for Brazil. The two hotels combined feature a total of over 500 keys and the Tivoli brand has enjoyed strong reputation amongst Brazilian and international visitors.
The Portugal acquisition comprises of four properties being leased to a third-party lessee who owns the Tivoli Hotels & Resorts brand for Portugal. The properties are: Tivoli Lisboa in the capital city of Lisbon, and Tivoli Marina Vilamoura, Tivoli Marina Portimao and Tivoli Carvoeiro in Portugal’s Algarve region, one of Europe’s premier tourism destinations. The four hotels in Portugal have a total of over 1,100 keys.
The six hotels will continue to operate under the 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 agreement which see a combined Tivoli portfolio of 14 hotels and over 2,900 keys in Brazil and Portugal.
William E Heinecke, Chairman and Group CEO of Minor International commented, “In recent years, MINT has focused on expansion in Asia, Australia, the Middle East and Africa. With the current portfolio already starting to bear fruit, MINT is now looking beyond for compelling opportunities that will further expand its global coverage and steepen MINT’s long-term growth trajectory. The Tivoli Brazil portfolio not only generates immediate revenue and earnings contribution, it also allows MINT to leverage on this existing Brazil operating platform for potential expansion of MINT’s other brands and businesses into South America, and the four Portugal hotels will serve as our entry to build a strong business in Europe.”
Dillip Rajakarier, Group COO of Minor International and CEO of Minor Hotel Group, added, “Following the acquisition of Oaks Hotels and Resorts in Australia in 2011, Minor Hotel Group has completed a series of hotel investments, including a luxury brand in the Maldives, upscale properties in Vietnam and Cambodia and in 2014 we also increased our presence significantly in Africa with the joint venture of hotels and mixed-use projects in Mozambique, and our partnership with Sun International in four further countries on the continent. The two additions in Brazil, together with the brand and operating platform, will complement well with our overall portfolio and seed MINT’s clustering plan for South America. Moreover, the four hotels in Portugal are highly strategic as we plan ahead for our scalable expansion in Europe.”
About Minor International: Minor International (MINT) is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution. MINT is one of Asia’s largest restaurant companies with over 1,700 outlets operating system-wide in over 20 countries under The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, Ribs and Rumps, BreadTalk and Riverside brands. MINT is also a hotel owner, operator and investor with a portfolio of 125 hotels and serviced suites under the Anantara, AVANI, Oaks, Per AQUUM, Tivoli, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in 21 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and South America. MINT is one of Thailand’s largest distributors of lifestyle brands focusing primarily on fashion, cosmetics and contract manufacturing. Its brands include Gap, Esprit, Bossini, Charles & Keith, Pedro, Red Earth, Tumi, Zwilling J.A. Henckels, ETL Learning and Mysale. For more information, please visit www.minorinternational.com.