The deal has been made through a purchase and management contract with Minor International (MINT), which bought the NH Hotel Group in 2018.
According to the Efe agency, which cites a document from the real estate agency, the Tivoli Marina Vilamoura and the Tivoli Carvoeiro will continue to be operated by the NH Hotel Group on behalf of MINT and will maintain the Tivoli “brand” for an initial period of 20 years, with an option to extend this period for another ten years.
The Tivoli Vilamoura complex has 383 rooms, seven restaurants and bars, a spa and sports facilities.
The Tivoli Carvoeiro Algarve Resort has 248 rooms, five restaurants, a spa and an event space.
Azora carried out the transaction through the Azora European Hotel & Lodging fund launched in July 2020.
This is the third operation since the fund was created, after the acquisition of a group of 10 hotels (resort) and four urban hotels across Europe.