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Travel & Leisure

Thailand's Minor sells Portugal hotels for $170m

Hotelier to continue managing properties under deal with Spanish buyer

Minor International has more than 520 hotels across 55 countries. (Photo courtesy of the company)

BANGKOK -- Thailand-based hotel operator Minor International on Wednesday announced the sale of two hotels in Portugal for 148 million euros ($174 million), shoring up its finances in an industry hit hard by pandemic-related travel restrictions.

The two upscale Tivoli hotels in the Algarve region on Portugal's southern coast have been purchased by Azora European Hotel & Lodging, an investment fund managed by a Spain-based real estate investment manager. A Minor subsidiary will continue to operate the hotels under a 20-year contract with options to extend for a total term of up to 30 years.

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