The company is becoming more of a “global company” rather than a “regional company”, the executive said.

Tivoli’s brand is reputable in Portuguese-speaking countries and boasts a rich history of more than 80 years. The acquisition enables inbound and outbound cross-selling between new markets in Europe and Latin America and the company’s existing regions of Asia, the Middle East and Africa.

It also helps the company cope with the high growth potential from the recovery of the European economy and the long-term growth potential of Brazil, which has the largest economy in South America.

After becoming part of Minor International, the 14 Tivoli hotels and strength of the team will thrive under the fast-expanding tourism industry and Portugal’s economic recovery, the executive said.

The business already witnessed double-digit revenue growth last year. A refurbishment programme has been initiated for this year to realise the full potential of some properties, including the flagship Tivoli Lisboa hotel.

Also, the Tivoli brand will be extended further in Portugal, southern Europe, the Middle East, Africa and Asia. Lisbon will be developed as the key hub for the European operating cluster.

There are more business opportunities in Europe and Latin America.

In Portugal, the company will acquire more hotels, develop hotels and high-end residences, and seek partnerships with existing hotel and land owners through management and/or variable-lease agreements.

Minor International has laid out a five-year strategy comprising the three high-level plans – drive a profitable portfolio of owned brands with additional contribution from selected international brands, maximise asset value and productivity to enhance margins and returns, and continue to look for mergers and acquisitions and strategic investment opportunities.

The strategy is set to help achieve the group’s five-year goal of delivering net-profit growth of at least 15-20 per cent per year and at least 15-per-cent return on invested capital.

Dillip Rajakarier, chief operating officer of Minor International and chief executive of Minor Hotel Group, said the Tivoli brand brought with it a rich heritage, deeply experienced team and highly loyal customer base.

“Looking forward, we have already planned further investment in Tivoli’s hotel assets and its operating and distribution infrastructure to realise the full potential of this strategic investment,” he said.

The company’s opening schedule for this year has the flagship Avani Bangkok in April, Anantara Kalutara in Sri Lanka, another Anantara in China, two Anantaras in Oman and one in Morocco.

It also includes the Torres Rani project in Maputo, Mozambique, comprising residential and office towers. The sale of The Residences by Anantara Layan Phuket, which was launched last year, is gaining momentum.

The Tivoli deal for 294.2 million euros (about Bt11 billion) not only marks the company’s strategic entry into Europe and Latin America, but also provides the group with a strong operating platform to drive further growth in those markets.

Tivoli’s portfolio includes resorts on Portugal’s Algarve.

Tivoli is the latest in a series of international investments by the group over the last two years totalling US$550 million, or more than Bt19 billion. The hotel projects are in Southern and East Africa, Asia, Australia, South America and Europe.

With the addition of Tivoli, Minor International’s hotel portfolio now encompasses 145 properties in 22 countries.