Hotel Investment Partners invest in Portugal
Hotel Investment Partners has announced its first acquisition in Portugal.
The Spanish company has reached an agreement with Oxy Capital to acquire the 5-star The Lake Spa Resort – a hotel which has 192 rooms in Vilamoura, in the Algarve.
With direct beach access, the hotel is run by operator Blue & Green which is owned by Oxy Capital.
“Portugal has always been one of our target markets due to its climate, gastronomy, infrastructure, culture and landscapes. These factors make Portugal one of the best holiday destinations in Europe,” says Alejandro Hernández Puértolas, CEO of HIP.
In line with its business model, HIP will invest in refurbishing the hotel, which has an artificial lake, three restaurants and two bars as well as changing its brand and hotel operator, decisions that still have to be defined by the companies’ partners.
The operation comes just a few months after the beginning of an international expansion drive with HIP purchasing five hotels in Greece in September 2019.
“We are very pleased with our first acquisition in Portugal, and specifically in the Algarve, a privileged environment because of its networks and its long summer season which can mean 12 months of the year.
“It is also the perfect destination with a middle-high class positioning to introduce prestigious international brands. It is a very special destination for us and we are sure that our business model will work as well as it does in Spain,” added Hernándes Puértolas.