Pestana Delfim Beach & Golf Hotel, in Alvor, was sold to BPI’s pension fund for around 35 million euros. The venture with over 300 rooms belonged to a fund of the credit management company Finsolutia, determined ECO. This is considered one of the largest hotel transactions in Portugal.
The hotel now becomes the property of a pension fund, said this Wednesday to Worx, which represented the buyer, but ECO found that it is a fund of BPI. This operation contradicts “the trend that has been recorded lately in this sector,” said the consultant, given that most hotels have passed into the hands of international investors.
Closed for around 35 million euros, this was the largest hotel investment operation in the Algarve recorded in Q4 of 2019 and one of the largest in Portugal, demonstrating the effervescence of the hotel market, particularly in the Algarve area, says Worx.
“Trust, experience, dedication and discretion are the foundations on which Worx bases its work and for which it obtains market recognition when it participates in this type of operation,” says Pedro Valente, from Worx’s Capital Markets Department.
The hotel unit has 240 double rooms, 59 family rooms and 13 suites, a restaurant, two bars, five meeting rooms and an event hall. The Pestana Group is in the property as a lessee and, after this operation, will continue to do so.