Invesco Real Estate, the global real estate investment manager, will be the new owner of Tivoli Avenida Liberdade Lisboa, Tivoli Oriente Lisboa and AVANI Avenida Liberdade Lisbon.
The hotels are being sold for an aggregate gross selling price, implying a net gain of 62 million euro to Mint in 2019.
Following completion of the hotel sales, Mint’s subsidiary NH Hotel Group will operate the hotels under lease agreements for an initial term of 20 years with options to extend for a total term of up to 60 years.
Subject to customary closing conditions, the sale and leaseback operation of these properties is expected to be completed during the third quarter. Following the transaction, the hotels will continue to be operated by MINT through NHH under their current brand names.
«The completion of the sale and leaseback transaction is a key milestone for MINT, Minor Hotels and NHH». said Dillip Rajakarier, COO of MINT and CEO of Minor Hotels.
«The transaction underlines our ability to strategically rotate assets in partnership with the right institutional investor, with whom we will share future earnings», explains Dillip Rajakarier.
Press Released by Minor International