Carlyle Group, Explorer Investments Acquire Portuguese Resort
- Jan 04, 2019
A joint venture of the Carlyle Group and Explorer Investments has acquired the Penha Longa Hotel & Golf Resort in Sintra, Portugal, from Deutsche Bank. The property includes a 194-key hotel, golf course, spa and wellness center, as well as conference and meeting facilities. Terms of the deal were not disclosed.
The resort will continue to be managed by Ritz-Carlton, a Marriot Group company, which has operated the resort since December 2003. In addition to the hotel and golf course, the property became the first hotel in Portugal to have two Michelin-star restaurants last year.
Penha Longa Resort is located in the Sintra-Cascais Natural Park, about 15 miles from Lisbon. The resort first opened in 1993 and underwent a $25 million renovation in 2005. CBRE advised the joint venture in the acquisition.
“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 travelers,” said Peter Stoll, managing director for Carlyle European Realty advisory team, in prepared remarks. “We are excited to be partnering with Explorer Investments to develop the full potential of the resort.”
In October, the Carlyle Group sold one of its hotel assets in Los Angeles, The Doubletree by Hilton Hotel Los Angeles—Westside, to Woodbine Legacy Investments for $152 million.
Image courtesy of CBRE