• Pestana denies bid
Portuguese operator Pestana has ruled itself out from buying the Tivoli hotel chain. Tivoli, which has 12 hotels in Portugal and two in Brazil, has been put up for sale by owner Espírito Santo, reports Bloomberg.

A local newspaper speculated Pestana would bid for Tivoli. Pestana has said any expansion it plans would be outside of Portugal.
Read the full story here:
http://www.bloomberg.com/news/2014-09-11/pestana-group-rules-out-espirito-santo-hotel-chain-acquisition.html
 
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