Invesco Real Estate has agreed a €313m deal for three Lisbon hotels, marking its entry into the Portuguese hotel market.

The €61.5bn global real estate manager said it bought the hotels on behalf of two client-pooled and separate account mandates from Minor International (MINT).

The acquired hotels - Tivoli Avenida Liberdade Lisboa, Tivoli Oriente Lisboa and AVANI Avenida Liberdade Lisbon - will be operated by MINT’s subsidiary company NH Hotels.

Invesco said the deal, which marks the largest ever hotel real estate transaction in Portugal, takes the firm’s current portfolio to 25 investments in 8 countries with over €1.5bn of assets under management.

David Kellett, senior director hotel transactions at Invesco Real Estate, said: “This is our first transaction with Minor International and builds on our long-term relationship with NH Hotels.

“The opportunity to work in partnership with a strong European brand and experienced operator who we have had an excellent relationship with in the past is very exciting as we deliver a strong product to a growing marketplace.”