Hotel California, a four-star hotel located in the centre of Albufeira, has been sold from previous owner Details Hotels & Resorts to Arrow Global Portugal.
The deal has been announced by Cushman & Wakefield Portugal, which advised the sale of the hotel. The cost has not been revealed.
With a total area of 3,900sqm and having been renovated in 2019, Hotel California has 80 rooms and features a rooftop pool and bar overlooking the historic city centre, a spa & fitness centre, and a sushi restaurant. It is also just 100 metres away from the popular Praia dos Pescadores beach.
“This was, without a doubt, an operation that gave us great satisfaction throughout the management of the process, especially for the opportunity to help in the construction of the narrative, a basis of trust and mutual respect for the goals of each party, catapulting Details Hotels & Resorts and Norfin into a synergistic relationship that will play an increasingly present role in the Portuguese tourism scene,” said Gonçalo Garcia, Associate and Head of Hospitality at Cushman & Wakefield Portugal, in a statement to the press.
Meanwhile, João Costa, COO of Details Hotels & Resorts, said: “We are very pleased to be part of 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, added: “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 all over the world.”