According to Publituris, the group specialized in acquisitions and managing several luxury assets and companies will use this amount in future acquisitions in Portugal. For now, it acquired the Sweet Residence & Gardens hotel, in Figueira da Foz, which will be rehabilitated and transformed into the Malibu Foz Hotel & Resort, in a 6.5 million euro investment. It will have 94 rooms and suites and will open in the coming month of July.
Zaya S. Younan, President and CEO of Younan Collection, informs that «this was a rather timely acquisition, since it will help accelerate the company’s global growth plan in the hotel sector. We are impressed with Portugal’s beauty and people and we are anxious to establish deep roots in the country».
Currently, they are alert for new opportunities in Lisbon, Porto, Braga and other locations considered «key» within the Portuguese market.
The CEO comments that «it is part of our general business plan to expand our global brand outside of France, And Portugal is an important strategic market for the Younan Collection Group. So, we will focus on offering luxury hotel portfolio that symbolizes our brand. During 2019, we expect to make several acquisitions in order to expand our hotel brand, controlling the luxury rooms and services in Portugal», quotes the same source.
Photo: Publituris Hotelaria