The Penha Longa Resort in Sintra has been sold to the investment fund L Catterton, which is supported by the owners of Louis Vuitton.
The purchase, for an undisclosed sum, was made in partnership with Cedar Capital Partners while the property is estimated to be worth around €140 million.
According to a statement from L Catterton, the joint venture between L Catterton and Cedar “will pursue an investment strategy focused on the acquisition, transformation, and repositioning of iconic five-star hotels in top urban and tourist destinations” and aims to “assemble a select portfolio of 10 to 15 flagship assets.”
The fund has launched with two acquisitions: the Penha Longa Resort in Portugal and the Garden Beach Hotel on the French Riviera.
Previously owned by the American Carlyle Group, the Penha Longa Resort features 204 rooms and is situated on a 220-hectare property that includes various amenities such as two championship golf courses, Michelin-starred restaurants, a spa, and a country club.
In the same statement, Mathieu Le Bozec, managing partner and founder of L Catterton Real Estate, states that this is “a unique opportunity to build a differentiated platform in the luxury hospitality sector, combining our consumer and real estate knowledge with Cedar’s expertise.
This partnership is well-positioned to benefit from the growth of luxury tourism and create long-term value through the repositioning of iconic assets.”
Ramsey Mankarious, founder and CEO of Cedar Capital Partners, highlights that the partnership will allow them to “maximise the potential of unique properties and offer exceptional experiences to clients.”
