Pestana Group to launch CR7 brand in real estate

The Pestana Group is to extend the CR7 brand to luxury apartments, with a project in Funchal, Madeira.

The move comes six years after the largest hotel group in Portugal run by Dionísio Pestana launched a partnership with the world famous football player and which now has a portfolio of five Pestana CR7 hotels.
The project, which involves a €50 million investment, will be built on a plot of land owned by Cristiano Ronaldo at Praia Formosa. It will involve 88 apartments work on which will begin in the second half of the year in a project that will be a 50-50 partnership. It will be called the Pestana Residences CR7.
Dionísio Pestana also admits expanding the brand overseas, although it is not part of the group’s strategy plan for the present.
“Right now we are more focused on mainland Portugal and Madeira. We have also done a project in the Azores. We will begin with this project, see the result and evaluate the impact”, said Dionísio Pestana.