Thailand’s Minor Hotel Group has continued its recent expansion with the acquisition of a 50% stake in luxury resort operator, Per AQUUM.
The US$4 million deal will see Minor join forces with Per AQUUM’s current owner, Universal Enterprises Pty Ltd, to jointly develop and expand the brand across Asia and the Indian Ocean.
Per AQUUM currently operates a portfolio of three luxury properties – Huvafen Fushi and Niyama in the Maldives and the Desert Palm in Dubai. But following the new investment, Minor and Universal plan to expand the brand to at least eight properties. Minor said the expansion plan would mirror that of its existing brands, covering Asia Pacific, the Indian Ocean, the Middle East and Africa.
Per AQUUM will join Minor’s portfolio alongside the luxury Anantara, upscale Avani and Oaks serviced residence labels, and the three new properties take Minor’s total portfolio to 91 properties in 12 countries.
“We are delighted to announce the latest strategic addition to Minor Hotel Group’s ever expanding portfolio of brands,” said Dillip Rajakarier, CEO of the Minor Hotel Group. “Per AQUUM is already a very well respected and exclusive brand and we look forward to having the opportunity to develop it further working in partnership with Universal Enterprises.”
Minor has partnered the Maniku family, principals of Universal Resorts, since 2007, on its four Anantara resorts in the Maldives, and Universal’s chairman, MU Maniku, said he was pleased to deepen the relationship.
“We are very happy to partner with Minor Hotel Group which is well known to us and has an excellent reputation within the hospitality industry in Asia, the Indian Ocean and beyond. Under this partnership the Per AQUUM brand is set for rapid expansion and continued future success,” Maniku said.
The deal marks the third recent acquisition for Minor. In 2011 the company purchased a 54.3% controlling stake in Australia’s Oaks Hotels & Resorts, and earlier this year it secured the purchase of Vietnam-based Life Resorts.
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