Portugal

Norfin prepares to buy hotels

Norfin prepares to buy hotels

«We recognize great potential in the tourism sector and we believe that over the next year there will be many opportunities in Portugal, so this will continue to be one of our great bets in the medium term», said the responsible in a conversation with Vida Imobiliária.

With Arrow as its main shareholder, Norfin recently debuted in this sector, acting as an advisor in the business that culminated in the purchase of Vilamoura by Arrow and a group of national investors led by João Brion Sanches; now assuming consultancy roles in the future management of Vilamoura.

The company's CEO assumes that entering Vilamoura «was an old affair, which has had several episodes, but which has now seen the light of day because several decisive factors have finally lined up: the availability of capital, the very attractive moment in the market tourism and, of course, the desire of the previous owner to sell, to close this cycle in Vilamoura».

Tourism, explains Francisco Sottomayor, «is a bet for the future on the part of our investors, which has to do with the potential recognized in Portugal in this field. There is capital and a willingness to invest too, therefore, we are only dependent on interesting opportunities appearing that allow us to gain some scale quickly here, since our objective is to be a relevant player in this sector», he guarantees. "We are analyzing several opportunities at the moment and I can say that we are looking at two hotels with the objective of acquiring them in a short period of time", revealed the person in charge.

In any case, this bet will not necessarily be centered on the Algarve, despite its «huge potential», and will involve «either by investing in hotel assets themselves, or by residential tourism».

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