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.
