NH Hoteles buys five hotels in Portugal from Minor for €133M

NH Hoteles buys five hotels in Portugal from Minor for €133M
Anantara Vilamoura Algarve Resort

NH Hotels has finalised the acquisition of the company that owns five hotels located in Portugal from its largest shareholder, the Thai company Minor. For this purpose, NH relied on legal advice from Andersen, while Minor was advised by PLMJ.

The hotels acquired are the Anantara Vilamoura Algarve Resort (with 260 rooms), the Tivoli Lagos Algarve Resort (with 296 rooms), the NH Sintra (with 77 rooms), the NH Marina Portimão (with 196 rooms) and the Tivoli The Residences at Victoria (with 145 rooms).

The amount of the transaction, established on the basis of an asset value of 123.3 million euros and complemented by a positive net financial position of 9.9 million euros, totals 133.2 million euros for the acquisition of 100 per cent of MCHL's shares. The company will fulfil the payment from available cash, without recourse to external financing.

The Andersen team that advised NH Hotels was led by Gonçalo Cid, partner in charge of the tax area, and also involved the partner in charge of the Corporate M&A area, Mariana Aires Abreu, the director of the real estate area, Bernardo Silveira, Hugo Gomes, senior manager of the tax area and Constança Lino, associate of the Corporate M&A area. Andersen's tax and legal team from Luxembourg was also involved in the operation.

The Spanish group indicates that the incorporation of these units should contribute around 11 million euros more in terms of earnings before interest, taxes, depreciation and amortisation.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!