LISBON, Feb 2 (Reuters) - Thai hotel group Minor International has made its biggest ever acquisition with a 294 million euro ($320 million) deal to buy 14 Tivoli chain hotels that belonged to the collapsed Espirito Santo Group,
The purchase of the properties in Portuagl and Brazil is part of Minor’s aggressive eoverseas expansion plan. The group said last year that it wanted to have 190 hotels by 2019. The Tivoli deal lifts its tally to 145.
“Today we have announced our largest ever hotel deal, and for Portugal it is the largest hospitality sector deal,” Minor International CEO Dillip Rajakarier said at a news briefing in Lisbon.
Minor International also runs Burger King and Dairy Queen outlets across Asia.
The hotels were acquired in several stages from funds handling the assets of the Espirito Santo banking group that sent shockwaves throuhg European markets with its 2014 collapse. ($1 = 0.9175 euros) (Reporting by Shrikesh Laxmidas; Writing by Andrei Khalip; Editing by David Goodman)