Deal to be completed for over €100 million
Irish businessman Denis O’Brien is reportedly buying the five-star luxury hotel Conrad Algarve in Quinta do Lago resort for over €100 million.
The story was broken today by Irish online newspaper The Currency, although the news has yet to be officially confirmed by the businessman or the hotel.
O’Brien has been the owner of Quinta do Lago since 1998 and has accumulated assets in Portugal over the years, which include three golf courses, hotels, a sports campus, residential units, restaurants and development sites, reports The Currency.
The online newspaper stresses that this reported deal is marking a shift for the Irish entrepreneur, who appeared to be selling assets more frequently than he was buying them in recent years.
Further details about the deal are unknown at this time and no plans for renovations and development have been revealed so far.
Providing further insight into the resort’s history, The Currency explains that Conrad Algarve was acquired by a consortium led by New York-headquartered Davidson Kempner Capital Management in January 2023. Davidson Kempner bought the hotel with operating partners Highgate and Kronos as part of a 65-asset transaction, which saw this consortium buy Portuguese asset manager ECS Capital.
The hotel boasts 134 rooms and 20 suites, as well as an infinity pool, spa gym and several restaurants, including the Michelin-starred Gusto by Heinz Beck.
In an exclusive interview with the Resident in 2013, Denis O’Brien explained what he found so special about Quinta do Lago. “It is a great sanctuary of peace and tranquillity set in beautiful natural surroundings,” he said at the time.
