JLL, CBRE and Worx advised Santander Asset Management on the sale of the Vila Sol tourist complex, located in Vilamoura, in the Algarve.
According to a press release, the Pestana Group already managed the hotel unit and golf courses and, with this acquisition, has now strengthened its position by becoming the owner.
The development, which includes a 5-star hotel, 2 golf courses with 18 and 9 holes and land for development with a gross construction area of 7,770 sq.m, was sold for a value of around €43,000,000.
“This sale represents a significant milestone in the Vilamoura real estate market, highlighting the potential for continued investment in the region. Pestana Vila Sol is a reference for tourism and golf in the Algarve, and we are pleased and proud to have participated in this transaction.” comments Karina Simões, Head of Hotel Advisory at JLL.
Duarte Morais Santos, Head of Hotel at CBRE Portugal adds that: “This is yet another deal that confirms the growing dynamism of the hotel market in the south of the country, attractive to both international and national investors. Pestana Vila Sol is a unique reference asset in the Algarve and we were proud to be involved in this transaction. We strongly believe in the growing potential of the Algarve region, which with a quality product will have what is needed to grow and attract new investors in the future.”
Francisco Caldeira, from Worx Real Estate Consultants, considers that: “The hotel sector has gained increasing prominence in 2023, representing 40% of the total investment volume in the first half of the year. In this way, the continued importance of Portugal on the international investment map, as well as the weight of tourism in the country, is clear. The Algarve, with emphasis on Vilamoura, has demonstrated its constant evolution and development, becoming attractive in the context of global tourism. This operation emphasizes the strategic importance of the region, both for national and international operators and investors. Finally, it is important to highlight the work carried out by the three consultants, who, in close collaboration with Santander, as a client, completed a successful and benchmark transaction in 2023, of which everyone can be proud.”
“The acquisition of the Pestana Vila Sol development is the culmination of a process that began a dozen years ago when the Pestana Group took over the management of this hotel unit and the adjacent golf course. Initially, we managed to recover the profitability of these units and subsequently reinforced our commitment, assuming the risk as tenants with a fixed market rent. With the purchase of this project, we demonstrate and highlight what has been, from the beginning, our commitment to this project and to investing in tourism in the Algarve”, highlights Pedro Lopes, Administrator of the Algarve Region of the Pestana Group.
Press Release published by The Portugal News on 8th September 2023