A four-star hotel unit with a total area of 3,900 sqm, located in Albufeira, has been acquired by Arrow Global Portugal, in an investment of 12 million euros. The hotel, renovated in 2019, was owned by Details Hotels & Resorts, which was represented by Cushman & Wakefield in the sale process. Neoturis advised Arrow, carrying out the commercial due diligence.
Located 100 metres away from Praia do Pescador, the hotel features a roof top pool and bar overlooking the historic city centre, spa & fitness centre and a restaurant.
For Gonçalo Garcia, Associate and Head of Hospitality at Cushman & Wakefield Portugal, "this was undoubtedly an operation that gave us great satisfaction throughout the management of the process, above all because of the opportunity to help build the narrative, basis of trust and mutual respect for the objectives of each party, catapulting Details Hotels & Resorts and Norfin into a synergistic relationship that will have an increasingly present role in the Portuguese tourism scene".
João Costa, COO of Details Hotels & Resorts, added that "we are very pleased to be able to join a multinational group such as Arrow, with a diversified, solid business and a strong presence in Portugal. In addition, it is very positive to remain in the management of the hotel, as we can add our experience to the various projects underway".
Francisco Moser, Director of Hospitality at Arrow Portugal, alludes to the fact that the Algarve is "an obvious choice to invest in Hospitality, due to its history linked to tourism, but the Group's objective is to seek and take advantage of opportunities that arise throughout the country".