Portugal | Thai Group offers 82.5 million euros for hotel chain

The Minor hotel group of Thailand has offered 82.5 million euros to buy the Hotéis Tivoli hotel chain, whilst also taking on “all current liabilities,” which in December 2014 amounted to 69.2 million euros, according to Portuguese financial daily Diário Económico.
The 822 creditors of Hotéis Tivoli are owed a recognized total of 176 million euros. In the Special Revitalization Process (PER) approved by lenders, cited by the newspaper, it is noted that the offer from the Minor group is “far superior” to the independent evaluation by an international consultant, which calculated a value of approximately 68 million euros.
Earlier this year, the Thai group that owns and manages a network of 126 hotels, which operates brands such as Four Seasons, Anantara and St Regis, invested nearly 160 million euros in the purchase of property where it operates four hotel units of the Tivoli brand: Lisboa, Vilamoura marina, marina of Portimão and Carvoeiro.
On 22 May, the PER was approved by “a large majority of creditors,” as reported by the company. At the time CEO, Alexandre Solleiro, said “the plan ensures the sustainability and the future development of the brand and Tivoli business, safeguarding the best interests of creditors, business partners and employees of Tivoli Hotels and Resorts.” MDT/Macauhub