Symphony’s MINT sells three hotels – Symphony International Holdings says that Minor International Pcl (“MINT”), Symphony’s largest investment, has entered into agreements to sell and leaseback three hotel properties in Lisbon, Portugal to Invesco Real Estate. The gross selling price for the properties is €313 million. The deal has generated a €62 million gain for MINT.
The three hotel properties are in Lisbon, Portugal — Tivoli Avenida Liberdade Lisboa, Tivoli Oriente Lisboa and AVANI Avenida Liberdade Lisbon. The hotels are being sold for an aggregate gross selling price of EUR 313 million, equivalent to 19x EBITDA. Following completion of the hotel sales, MINT’s subsidiary NH Hotel Group (“NHH”) will operate the hotels under lease agreements for an initial term of 20 years with options to extend for a total term of up to 60 years. Subject to customary closing conditions, the sale and leaseback of these properties is expected to be completed during the third quarter. Following the transaction, the hotels will continue to be operated by MINT through NHH under their current brand names.
The transactions allow MINT to recoup nearly all of the purchase price of its 2016 Tivoli acquisition through the sale of only three of the 14 acquired Tivoli properties while still retaining over 75% of the total portfolio.
SIHL : Symphony’s MINT sells three hotels