Tivoli Hotels in Portugal was the star of Minor Hotels’ operations with record profits in the year to the end of September. The company’s strategy of renovating many of its newly acquired hotels in Portugal has paid off, with further work planned through the current low season.
Minor Hotels, a Thai company, bought the Tivoli assets from Rioforte Investments SA, the Grupo Espírito Santo property subsidiary that collapsed along with the rest of the once proud group.
The €59.4 million profit represents an increase of 21%, year-on-year.
Tivoli Hotels & Resorts runs 12 hotels in Portugal and two in Brazil. The company commented on its overall profit, "This increase is mainly due to hotel activity in Thailand, Brazil and Portugal, where the group owns the Anantara, Avani and Tivoli brands."
Of the three brands operating in Portugal, Minor Hotels commended the performance of the Tivoli brand that has shown a marked increase in revenue.
Renovations have been carried out at the Tivoli Avenida da Liberdade, Tivoli Liberdade, Tivoli Marina Vilamoura and Tivoli Oriente.
Minor Hotels paid €290 million for the portfolio of Tivoli hotels in Portugal and Brazil when the Espírito Santo Group collapsed.
One of its stated goals at the time was rolling out the brand into new overseas markets, which it is already doing in Qatar.
