Minor International (MINT) has announced that, through its subsidiary NH Hotel Group (NHH), it will operate a portfolio of eight high-end hotels with a total of 1,115 rooms in Italy, France, Czech Republic and Hungary.
NHH will lease the hotels from Covivio, a leading European real estate investor. The hotels will be rebranded to MINT and NHH’s hotel brands, including Anantara and NH Collection, following an extensive repositioning programme to be carried out by Covivio in all the properties in the coming months.
Formerly the Boscolo portfolio, the hotels include Palazzo Naiadi in Rome, Italy; The Carlo IV in Prague, Czech Republic; Hotel Plaza in Nice, France; The NY Palace and The NY Residence in Budapest, Hungary; and Grand Hotel Dei Dogi in Venice, Italy; and two premium hotels in Italy, namely Bellini Hotel in Venice and Palazzo Gaddi in Florence.
After the acquisition by Covivio of the eight hotels, NHH will operate the portfolio under a long-term sustainable lease contract. The closing of the transaction is expected to be fully complete by the end of the first half of 2020. The handover of the hotels will take place at the same time of the closing, except for the hotels in Florence and Nice, which are currently under a full refurbishment, and expected to be completed by June 2020 and January 2021 respectively.
Commenting on the announcement, MINT Group CEO and Minor Hotels CEO Dillip Rajakarier said: “MINT and NHH have been leveraging on both parties’ strengths for cross-expansion. We are very excited about the potential of the Anantara brand in Europe. Anantara’s brand strength, coupled with NHH’s strong relationship with real estate investors has enabled us to expand our luxury hotel portfolio in Europe at a much faster pace. Following the launch of Anantara Villa Padierna Palace in Spain in July and the signing in October of a hotel in Dublin, Ireland, to be rebranded to Anantara in 2020, this strategic transaction will notably strengthen the presence of our luxury Anantara brand in key privileged destinations in Europe.”
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