Thailand-based Minor International Plc (MINT), which is one of the largest hospitality and leisure companies in Asia Pacific, plans to take over all units of Tivoli Hotels in Portugal. The hotels were the asset of the bankrupted Espirito Santo Group, reported the Portuguese online newspaper Observador.
In January this year, MINT informed that the Stock Exchange of Thailand about its acquisition of hotels and lands in Brazil and Portugal for 168.2 million Euro. The purchase of land, assets and long-term leasing contracts of the four Tivoli hotels in Portugal (for 117.7 million Euro) was part of this acquisition.
In the new deal, MINT will acquire 12 hotels in Portugal, and has committed to pay part of the debt to banks and suppliers and safeguard about 1,000 jobs.
The proposal includes, a partial debt write-off, which will mainly affect subordinated creditors but the alternative to the sale is insolvency, according to the management of the Espírito Santo Group, as per the plan submitted under the special revitalisation process (PER).
MINT operates three core businesses, which are hotels, restaurants and retail trading. In its portfolio, it manages more than 14,000 hotel rooms across 19 countries under different brands such as Anantara, AVANI, Four Seasons, Marriott and St Regis.
It announced that it will be focussing on expanding in Europe and America and the acquisition of the Portuguese chain is a part of its plan.
The Tivoli Hotels company is owned by Espírito Santo Hotéis, a subsidiary of Rioforte, a non-financial holding company of the Espírito Santo Group (GES), which is undergoing insolvency in Luxembourg.