Tivoli Hotels in Portugal was the star of Minor Hotels’ operations with record profits in the year to the end of September. The company’s strategy of renovating many of its newly acquired hotels in Portugal has paid off, with further work planned through the current low season.

Minor Hotels, a Thai company, bought the Tivoli assets from Rioforte Investments SA, the Grupo Espírito Santo property subsidiary that collapsed along with the rest of the once proud group.

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