Tourism in Portugal is showing clear signs of recovery with investors looking towards the hotel market, including Arrow Global Portugal, which acquired 75% of Details Hotels & Resorts, the group that currently manages seven hotel units in the areas of Albufeira and Carvoeiro (municipality of Lagoa).
According to a report by idealista/news this is the first deal concluded by Arrow in Portugal, with a view to growing its hotel portfolio.
“This is the moment to take advantage of the opportunity for aggregation that the Portuguese hotel market offers, similar to what has happened internationally. The objective is to grow the portfolio under management, with a planned investment in hospitality that could amount to 500 million euros over the next five years", said Francisco Moser, hospitality CEO of Arrow Global Portugal.
The hotels that this will apply to in the Algarve include, Vale da Lapa (Carvoeiro, Lagoa); Vale D’Rei (Carvoeiro, Lagoa); Aqua Pedra dos Bicos (Albufeira); Hotel Califónia (Albufeira); Topaz Vibe (Albufeira); Velamar (Albufeira) and Bertolina (Albufeira).
With the conclusion of the acquisition, Arrow Global Portugal becomes the majority partner of Details Hotels & Resorts (75%), with the remaining 25% of the group's capital remaining in the hands of the current partners, keeping João Costa, COO of the hotel group.