Penha Longa Sold to Carlyle Group and Explorer Investments

Main Photo: Penha Longa Hotel & Golf Resort

Date: December 2018

Location: Sintra, Portugal

Name: Penha Longa Hotel & Golf Resort – a Ritz-Carlton Hotel since December 2003

No. of Keys: 194

Seller: Deutsche Bank Espana, Espart, Espirito Santo Group’s real estate arm and Metropolis, who acquired the hotel in 2003 for €50m and has served as the venue for the annual meeting of Europe’s central bankers since 2014.

Buyer: Investors Carlyle Group and Explorer Investments have acquired the Penha Longa resort in Sintra, Portugal. The 194 room property will continue to be managed by Marriott’s Ritz-Carlton team.

The buyers, advised by CBRE, expect to invest further to enhance the property, which features a golf course and two Michelin starred restaurants. Portuguese hotels continue to enjoy strong leisure and business demand.

The Carlyle Group is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018.

Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.

Carlyle has expertise in various industries, including: aerospace, defence & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation.

The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

Hotels are a newish divergence for Carlyle, although they did invest in B&B Hotels in Europe in 2010, but have exited now. They currently own UK’s Addison Lee taxi firm.

Explorer Investments, an independent alternative asset management company based in Portugal.

The Resort will continue to be managed by Ritz-Carlton, a Marriott Group company, who have run the resort for the past 15 years.

Penha Longa Hotel & Golf Resort, part of Quinta da Penha Longa, in Sintra, is one of the most iconic resorts in Portugal, with rooms, a spa and a wellness centre as well as more than 3,000m2 conference and meeting facilities.

The resort features a golf course, highlighted as one of the top 30 best golf courses in Europe, and designed by 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.

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 partner 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, which comprises state of the art hospitality and first-class real estate development, and the quality of our partner in this investment”.

CBRE acted as an advisor to the transaction. Carlyle and Explorer received additional support by Uría Menéndez – Proença de Carvalho and Deloitte.

Price: We believe €100m

Price per Key: €515,464

THPT Comment: One of Portugal’s finest hotels changes hand, but Marrott’s Ritz-Carlton remain in place. Good profit for the sellers, albeit over 15 years.

First Seen: Carlyle website

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