The Madrid-based European real estate investment manager, has completed the acquisition of two 5* hotels in Portugal’s Algarve region on behalf of its Azora European Hotel and Lodging Fund.

The acquisition has been completed through a sale and manage back transaction for €148M with Minor International (MINT), the international hotel, restaurant and lifestyle group which acquired the NH Hotel Group for €2.3bn in October 2018.

The two hotels, which comprise the Tivoli Marina Vilamoura resort and the Tivoli Carvoeiro resort, will continue to be operated by NH Hotel Group on behalf of MINT under the Tivoli brand for an initial term of 20 years, with options to extend for a further 10 years.

Concha Osácar, one of Azora’s Founding Partners, commented: “This acquisition represents a rare opportunity to acquire two first class, well operated hotels at an attractive price which we believe will allow us to create long term value for our investors.  It is also another important milestone for the Fund as we expand our portfolio into Portugal.”