Spanish media says company Vilamoura management company “has been sold”

The ongoing mystery over the future of Vilamoura may have reached an end.

Spanish online news portal Idealista wrote yesterday (Friday, February 6) that Lusort, the company that manages Vilamoura marina and most of the surrounding resort, has been sold to Lone Star Funds – an American private equity firm, along with Paul Taylor, the owner of Monte Quinta resort in Quinta do Lago.

Market sources in Portugal and Spain have allegedly told Idealista that the deal is “nearly closed” and should be made official in “around a month”.

How much the Lusort is being sold for remains under wraps.

The Resident tried to contact Lusort to confirm the reports, but its offices had already closed for the weekend.

Lusort is currently owned by Catalunyacaixa, a Catalan savings bank which is also staying mum over the deal.

The bank has slowly been selling assets, reports Idealista, after the serious financial troubles that led to its nationalisation at the end of 2012 and €3 billion bailout.

Vilamoura is widely considered one of Portugal’s main tourist destinations, boasting a number of luxury hotels, golf courses and homes. Just a few weeks ago, the Vilamoura marina was considered the ‘Best International Marina’ of 2015 (see story: https://www.portugalresident.com/vilamoura-marina-changes-hands-as-%E2%80%98best-international-marina%E2%80%99-of-2015)

By MICHAEL BRUXO
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