The Grupo Pestana has bought the Vila Sol resort in Vilamoura from Santander Asset Management for around €43 million. The hotel group will manage the resort.
The deal was announced by the real estate consultants JLL, CBRE and Worx, which acted for Santander Asset Management in the operation, last week.
The Grupo Pestana, a multinational hotel group based in Portugal, will manage the management operations of the resort, thereby acting as the sole owner manager.
The Pestana Vila Sol includes a 5-star hotel with 189 rooms, two 18- and 19-hole golf courses and a parcel of land with 7,770 square metres for real estate development.
Luís Figueiredo, the CEO of Santander Asset Management states in a communiqué that the “hotel sector has shown itself to be very resilient in the post pandemic period” with Portugal being particularly popular with tourists, particularly the Algarve region. “We have always believed in the value of the Vila Sol complex for its potential, location, and complementarity with the golf courses, meaning that the hotel operation is not only seasonal, and now, operated by the prestigious Grupo Pestana, it makes it an attractive asset with a strong interest from investors”.
Original article published by Essential Business