US group Younan invests in Portuguese hotel sector
The US Group Younan, through its subsidiary La Grande Maison Younan Collection, has bought the Sweet Residence & Gardens hotel in Figueira da Foz.
The hotel will be completely refurbished in a €6.5 million investment and will be rechristened the Malibu Foz Hotel & Resort.
The purchase will be the first in a round of investments that the US hotel luxury group plans to make in Portugal.
The Younan Group, founded by US-Assyrian businessman Zaya S. Younan in 2002 in the US has mostly focused on the acquisition and management of luxury assets.
The group is based in Los Angeles with offices in Dallas-Fort Worth, Houston, Chicago and Colorado Springs.
In 2016, the Younan Group began to invest heavily in Europe, particularly France where it founded its European subsidiary La Grande Maison Younan Collection, a company which specialises in luxury hotels and golf courses.
Assyrian-American entrepreneur Zaya S. Younan also owns and manages Class A office buildings and retail centres in major cities throughout the United States in a portfolio worth US$2.8Bn. The company has over 100 employees in France alone.
He told the business daily Jornal de Negócios, “Portugal is an important strategic market for the group’s Younan Collection which is why we are focusing on offering a portfolio of luxury hotels that will symbolise our brand.
“Over 2019 we expect to make various acquisitions to expand our hotels brand with a minimum investment of €50 million in future acquisitions in Portugal.”
The future Malibu Foz Hotel in Figueira da Foz will become a resort hotel with 94 rooms and suites with an expected opening for June 2019.
The renovated hotel will feature an Italian restaurant, a wine cellar and a smoking lounge fo cigar aficionados.