Sale of a 5-star all-inclusive hotel in the Algarve
Azora European Hotel & Lodging has acquired Pestana Blue Alvor, its fourth hotel in Portugal.
The five-star all-inclusive hotel in the Algarve will however continue to be operated by the Pestana hotel group.
According to a Publituris report, the investment exceeds one billion euros and is approaching 60% of its investment commitment.
The hotel, built in 2019 by the Pestana Hotel Group, is a 5-star resort of 120,000 square meters, which has nearly 500 rooms, six restaurants and bars, six indoor and outdoor swimming pools, a sports center and a Spa.
“We maintain our strong commitment to the European hospitality and leisure sector, which has significant accumulated demand, particularly in the sun and beach markets, after the long period of confinement and restrictions due to the pandemic. “, said Concha Osácar, founding partner of Açore.
She said that “this transaction represents a unique opportunity both to acquire an exceptional resort in a very attractive location, and to strengthen our presence in the Algarve, a region that operates close to pre-Covid levels thanks to the strength of its tourist offer.
José Theotónio, General Manager of the Pestana Hotel Group, also quoted in the press release, said: “The Pestana Blue Alvor is a reference among families and all those looking for a differentiated all-inclusive resort in an area recognized as a privileged place. seaside destination on the Iberian Peninsula”.
Pestana Blue Alvor is Azora’s fourth investment in Portugal, following the recent acquisitions of the Tivoli Marina Vilamoura resort, with 384 rooms; the Tivoli Carvoeiro complex, with 248 rooms; and Vilalara Thalassa Resort, with 118 rooms.