PG Hotels & Resorts invests €24M in an hotel in Algarve

PG Hotels & Resorts invests €24M in an hotel in Algarve
Luna Alvor Bay, Algarve

PG Hotels & Resorts, the new hotel management company managed by Mário Azevedo Ferreira, has invested 24 million euros in the purchase and refurbishment of a hotel in Alvor, Faro district, the group's chief executive told Lusa, cited by aicep Portugal Global.

For this purpose, PG Hotels & Resorts has created a partnership with Wyndham Hotels & Resorts. This is the first hotel unit to be wholly owned by the hotel management company.

Mário Azevedo Ferreira, in response to Lusa, said that it involved one of the towers of the building formerly known as Luna Alvor Bay, in the Algarve.

The opening of the hotel unit is scheduled for July 2024. The space "is essentially aimed at the Algarve's traditional European markets - the United Kingdom, Ireland, Benelux [Belgium, the Netherlands and Luxemburg], Germany and Spain, in addition to the national market," Mário Azevedo Ferreira noted.

Through the Wyndham brand, the company also intends to attract the North American market. PG Hotels & Resorts aims to achieve a turnover of 1.8 million euros and an occupancy rate of 65% in the first full year of operation.

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