Thai hotel chain MINT to takeover all Tivoli hotels in Portugal

Visual from the company website. September 2015

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.

Related stories:

MINT in $190m deal for hotels in Portugal, Brazil

Thailand based restaurant operator SNP forms JV with MINT for Europe foray

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.