Pestana Group to invest €200 million in the opening of 20 new hotels by 2020

Following on from the news that Pestana Hotel Group is recruiting hundreds of staff (click here) comes the revelation that the company is set to invest “around €200 million in the next three years, opening 20 new hotels, half of them in Portugal”.

Breaking the news as prime minister António Costa told the World Economic Forum in Davos, Switzerland, that Portugal is THE place to invest in right now, Pestana group told journalists that its plans imply the creation of 3,000 new rooms in the next five years.

The new hotels going up outside Portugal will be “essentially in Europe and the United States”, said Pestana’s CEO José Roquette.

This will be Pestana’s “largest ever expansion”, he stressed – adding that one of the 20 new hotels will be a joint-venture with Portuguese footballer Cristiano Ronaldo.

The new CR7 hotel will be in Marrakesh (Morocco), and will take around 18 months to complete, ready to open in 2019.

Said Roquette: “In the last six years we have opened 20 hotels and now we opening another 20 in the next three years. Opening 40 hotels in less than a decade shows this is a unique moment and the largest ever expansion for the Pestana group. We have never had a moment like this”.

As for the location of the Portuguese hotels, these will be in the Algarve, Porto and Troia, reports Expresso.

[email protected]