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NH Hotel Group formalises the integration of Minor Internationalís hotels in Portugal and Brazil into its operations


The following agreements have been reached against the backdrop of the operation:

  • Minor International has agreed to sell three hotels in Lisbon to funds managed by Invesco Real Estate, which will simultaneously begin to be operated by NH Hotel Group under a long-term sustainable lease agreement with the new owner
  • In parallel, NH Hotel Group has entered into an agreement with Minor International for the management of another nine of the latterís hotels in Portugal and the provision of management advisory at its two establishments in Brazil

Leadership and Governance

  • The integration of the operation of two groupís hotels in Portugal will deliver leadership in that market and unlock operational and sales efficiencies via the NH Hotel Groupís platform in southern Europe, while reinforcing the Companyís current strategy of growth via management and sustainable lease formulae
  • In line with best corporate governance practices, the agreement was arranged on an armís length basis and with the approval of NH Hotel Groupís highest governing bodies, following votes in which the directors representing Minor International did not participate

In the wake of the takeover bid by Minor International in the last quarter of 2018, and as foreshadowed in its prospectus with regards to the search for a far-reaching transaction that would allow NH Hotel Group to operate the establishments run by the former in Portugal and Brazil, three enabling agreements have been reached. These agreements comply with the delimitation of preferential geographical regions for each group and the reciprocal use of their respective brands as encompassed in the framework agreement reached by both companies in February 2019.

Firstly, Minor International has entered a binding agreement for the sale of three properties located in Lisbon to funds managed by Invesco Real Estate (the Tivoli Avenida Liberdade - 285 rooms -, Avani Avenida Liberdade -119 rooms- and Tivoli Oriente -279 rooms-), which will be leased immediately from the fund manager by NH Hotel Group. The three hotels, which have been recently refurbished, will be operated by NH Hotel Group foreseeably from the end of July under an extendible, 20-year sustainable lease agreement.

Elsewhere, and simultaneously, NH Hotel Group has reached a management agreement with Minor International covering another nine hotels operated under the Tivoli and Anantara Hotels & Resorts brands in Portugal, located in Vilamoura, Carvoeiro, Sintra, Coimbra, Lagos and Portim„o.

Following the transaction, the combined portfolio of Minor International and NH Hotel Group in Portugal will consist of seventeen* 4- and 5-star hotels, giving them leadership of the segment in that country and consolidating an extensive offering at the upper end of the market. All of the hotels will benefit from NH Hotel Groupís experience and efficient operating and sales management in Europe, leveraging the Companyís business structure in the south of the continent.

Lastly, taking advantage of NH Hotel Groupís extensive presence in Latin America, the two groups have also signed a management advisory agreement covering Minor Internationalís hotel portfolio in Brazil, where it has two hotels with a total of 504 rooms.

Ramůn Aragonťs, CEO of NH Hotel Group, highlighted the important reinforcement implied by the addition of these hotels to the Group.†ďWith this agreement, we are completing successfully and in record time an important milestone in our integration with Minor International. The transaction injects greater variety and quality into our footprint in southern Europe and Latin America and will allow us to accelerate our plans for growth and for leveraging our complimentary business profilesĒ.

The integration of these hotels into NH Hotel Groupís operations will add around Ä13 million to the Companyís annual EBITDA.

In keeping with best corporate governance practices, the three transactions entered into were arranged on an armís length basis, having been analysed and approved by the Board of Directors of NH Hotel Group, at the recommendation of the Audit and Control Committee, which has received external advisory. Note that the proprietary directors who represent Minor International on NH Hotel Groupís Board of Directors neither participated in the preparation of that report nor voted on the corresponding resolutions. †

*This figure includes the Tivoli …vora Ecoresort operated under franchise.

About Minor International

Minor International (MINT) is a global company focused on three core businesses: hospitality, restaurants and lifestyle brands distribution. MINT is a hotel owner, operator and investor with a portfolio of 516 hotels under the Anantara, AVANI, Oaks, Tivoli, NH Collection, NH Hotels, nhow, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in 54 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South and North America. MINT is also one of Asiaís largest restaurant companies with over 2,200 outlets system-wide in 27 countries under The Pizza Company, Swensenís, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, Riverside and Benihana brands. MINT is one of Thailandís largest distributors of lifestyle brands and contract manufacturers. Its brands include Anello, Bodum, Bossini, Brooks Brothers, Charles & Keith, Esprit, Etam, Joseph Joseph, OVS, Radley, Save My Bag, Zwilling J.A. Henckels and Minor Smart Kids. For more information, please visit

About Invesco

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ;

About Invesco Real Estate (Invesco)

Invesco Real Estate is a global leader in the real estate investment management business with Ä61.5bn in real estate assets under management, 508 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. In Europe, IRE has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and around 155 employees. It manages 160 assets across 13 European countries and with assets under management of Ä11.1bn.

About NH Hotel Group

NH Hotel Group†is a consolidated multinational player and a benchmark urban hotel operator in Europe and the Americas, where it operates more than 350 hotels. Since 2019, the Company works with Minor Hotels on integrating all of its hotel brands under a single corporate umbrella brand with† presence in over 50 countries worldwide. A portfolio of over 500 hotels has been articulated thus around eight brands - NH Hotels, NH Collection, nhow, Tivoli, Anantara, Avani, Elewana and Oaks - to forge a broad and diverse range of hotel propositions in touch with the needs and desires of todayís world travellers.

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