This 5 star unit offers a total 192 rooms, an artificial lake, three restaurants and two bars and it is located in Vilamoura. With direct access to the beach, it was until now managed by Blye & Green, from Oxy Capital.
HIP will now renew the hotel, changing the brand and the operator, without advancing any more details on this subject.
Alejandro Hernández Puértolas, HIP’s CEO, commented in a release that «Portugal was always one of our target markets, given its climate, gastronomy, infrastructure, culture and landscapes. These factors make Portugal one of the best holiday destinations in Europe».
On the other hand, he is satisfied with this first acquisition in our country, highlighting the «privileged atmosphere and connectivity and the long duration of the high season» in Algarve.
The amounts involved in the deal were not disclosed. The operation is still pending the approval of the Autoridade da Concorrência (Portuguese Competition Authority).
Founded in 2015 by Spanish Sabadell bank, HIP was acquired in 2017 by the Blackstone Group. Its international expansion was marked by the acquisition of 5 hotels and 1.464 rooms in Greece. Our country is the group’s next bet.