CBRE has advised the Carlyle Group on the acquisition of Penha Longa Hotel & Golf Resort, in Sintra, Portugal.
Penha Longa Hotel & Golf Resort, part of Quinta da Penha Longa, in Sintra, is one of the most iconic resorts in Portugal, with 194 rooms, a spa and a wellness centre, and more than 3,000 m2 conference and meeting facilities. The resort features a golf course, highlighted as one of the top 30 best golf courses in Europe, designed by the renowned course designer Robert Trent Jones Jr. In addition to extensive meeting, sporting and leisure facilities, in 2018 Penha Longa became the first hotel in Portugal to have two restaurants awarded Michelin stars.
The resort will continue to be managed by Ritz-Carlton, a Marriot Group company, who has run the resort since December 2003.
Duarte Morais Santos, Senior Consultant at CBRE Hotels, commented: “Tourism continues to be one of the great drivers of the Portuguese economy, constantly setting new records when it comes to the occupation rate. This transaction shows the great work CBRE Hotels has been developing, and we are very proud to have been an active part in the transaction of this resort.”
Peter Stoll, Managing Director for Carlyle European Realty advisory team said: “Penha Longa is one of the best-known and most-established hotels in Portugal, and the hospitality sector in the country is experiencing a strong demand from both leisure and corporate travellers. We are excited to be partnering with Explorer Investments to develop the full potential of the resort.”
Pedro Seabra, Partner for Real Estate of Explorer, said: “The explorer’s co-investing and asset management business in Real Estate and Hospitality is growing in a sustainable way, and we are very happy with the quality of this asset, that comprises state of the art hospitality and first-class real estate development, and the quality of our partner in this investment”.