BANGKOK, Sept 7 (Reuters) - Thai hotel group Minor International Pcl said on Monday it aimed to acquire Tivoli Hotel and Resorts’ remaining eight hotels, all of which are in Portugal, as part of an aggressive plan to expand overseas.
The company announced this year that it wanted to have 190 hotels by 2019, up from around 133 currently. In January, it said it was acquiring four hotels in Portugal and two in Brazil from Tivoli for around $200 million.
Minor International declined to comment on potential financial terms.
“Despite a weak domestic economic outlook, our investment and acquisitions will drive our revenue and net profit growth in the future,” Chaiyapat Paitoon, vice president of strategic planning, said during a quarterly earnings presentation.
Minor International, which also runs Burger King and Dairy Queen outlets across Asia, reported a 12 percent drop in second-quarter net profit to 541 million baht ($15 million) from a year earlier due to slower restaurant earnings in Thailand and Singapore.
It reiterated its target of 15-20 percent net profit growth per year over the next five years.
$1 = 36.0200 baht Reporting by Khettiya Jittapong and Manunphattr Dhanananphorn; Editing by Edwina Gibbs