The Choupana Hills hotel, in Funchal, Madeira, was sold to the Lux Hotels group. Cushman & Wakefield and Amazing Evolution, which had managed the asset since 2014, acted in the operation on behalf of the banking syndicate that owned the asset.
Choupana Hills is a 5-star hotel with 62 rooms. It is a reference in Madeira's hotel industry, and has been distinguished more than once at the World Travel Awards, namely as the Best Boutique Resort in Europe.
Lux Hotels is now going to start rebuilding the asset, with a view to its own exploitation.
Gonçalo Garcia, Associate and Director of Hospitality at Cushman & Wakefield, comments in a statement that «the completion of this operation reinforces the confidence that agents in the tourism sector have in the market's recovery, and specifically in the already evident recovery of the Madeira destination. This is a first step towards returning one of its most iconic products to the destination».