The asset, formerly owned by Deutsche Bank, will keep being managed by Ritz-Carlton, a brand from Marriott Group, which has been managing the hotel in Sintra since 2003. The operation was worth around 100 million euro, as reported by Negócios at the end of November.
The news came from a press release, without any mention concerning the amount invested, where Peter Stoll, CEO of Carlyle European Realty stresses that «Penha Longa is one of the most renowned hotels in Portugal, and the hotel sector in the country has been in high demand from both business and leisure visitors». He adds that «we are excited with our partnership with Explorer Investments for the development of the resort’s full potential».
Pedro Seabra, partner at Explorer and in charge of the company’s real estate department says that, «Explorer’s hotel and real estate investment and asset management is growing in a sustainable manner and we are very happy with this asset’s quality, which includes a distinct hotel product and first class real estate development, given the quality of our partner in this investment», quotes Expresso.
CBRE followed this business, and Carlyle and Explorer were advised by Uría Menéndez – Proença de Carvalho and Deloitte.