Minor to Manage Hotels Valued at 29 Million Euros in Vilamoura

Minor will manage hotels in Vilamoura valued at 29 million euros.

The company from the Tivoli group, Marinoteis, no longer controls Anantara Vilamoura and Tivoli Residences, which are now directly owned by the Minor group. The hotel units are worth a total of 29.4 million euros, according to an article in the Jornal de Negócios.

Control of the two Vilamoura hotels, the Anantara Vilamoura and Tivoli Residences, will pass to the Thai-based Minor Hotels and are valued at 29.4 million euros. The firm will also take over management of the hotels from Marinoteis. The latter company went through a demerger that was made official on June 1.

After the split of Marinoteis, these two units were transferred to a new company: Minor Luxury Hotels Vilamoura, which was set up with a share capital of 29.4 million euros, the same value as the assets.

According to the Jornal de Negócios, the other unit owned by the company, the Tivoli Vilamoura, will remain with Marinoteis, whose share capital fell from 31.5 million to 4.3 million euros.

The hotels will now be managed by different entities even though they belong to the same group. Minor Hotels, the owner of the Tivoli hotels, is the sole shareholder of Marinoteis.

Issues of competition between the hotels themselves located in Vilamoura are the basis for this decision. Both Minor Luxury Hotels Vilamoura and Marinoteis can pursue their business strategies without competing directly with each other.