Tivoli Marina Vilamoura is, as the name indicates, located at the Vilamoura marina and has a total of 383 rooms and suites, seven restaurants and bars, spa and leisure and sports facilities. The hotel was refurbished recently, in a 12 million euro investment.
Tivoli Carvoeiro is located at Vale Covo, it has 248 rooms and suites, five restaurants, spa and an area for events. This hotel too was refurbished, in a 15 million euro investment.
The hotels will continue to be operated by NH Hotel Group on Mint’s (the owner until now) behalf, under the brand Tivoli, for an initial period of 20 years with the option to extend it to a further 10 years, according to Spanish EjePrime.
Azora is planning to invest more than 1.5 billion euro in hotels in Europe. Concha Osácar, Azora’s co-founding partner, considered that «this acquisition represents an opportunity to create long-term value for our investors, it is an important achievement for the fund, since it means expanding our portfolio in Portugal». He also remarked that the company «firmly believes in Algarve’s long-term attractiveness as a tourism and leisure destination».
Dillip Rajakarier, from Mint, pointed out that this sale reinforces the company’s investment capacity: «thanks to these operations, our Tivoli portfolio’s IRR is close to 20%». And he added «asset rotation continues to be part of our long-term strategy and we will continue seeking opportunities so that we can put it in practice in the future».