Three months after communicating the transaction to the Competition Authority, British group Arrow has concluded the purchase of the company that has two Hilton hotels in Vilamoura, the Hilton Vilamoura – Cascatas Golf Resort & SPA and Vilamoura Garden.
The transaction involved Capital Elements, one of the Arrow group companies, which purchased the entirety of Grande Buganvília – Projectos e Acttividades Hoteleiras e Imobiliárias Turísticas, S.A., which was owned by Flitptrel Portugal, S.A, according to a report by ECO.
“This acquisition reinforces the investment we have made in the Portuguese hotel industry, adding 294 rooms to the portfolio”, says, in a statement, John Calvão, head of Arrow Global Funds.
This is the second major operation carried out this year by Capital Elements in the hotel sector, after the purchase of Saviotti – Empreendimentos Turísticos, which owned the eight Dom Pedro hotels and five golf courses for 250 million euros. The transaction received the green light from the AdC in March and Dom Pedro in Lisbon was left out of this transaction.
“We continue to expand in Portugal and these two units are emblematic in Vilamoura, due to their location, between Dom Pedro Old Course and Dom Pedro Pinhal, both golf courses owned by Arrow funds”, considers João Bugalho, CEO from Arrow Global Portugal.
The Arrow group is also in the process of purchasing the luxury resort Palmares Ocean Living & Golf, located in Lagos, in the Algarve, having notified the Competition Authority in September. The sale of the project, which is currently owned by Palminv, a company of King Street Capital Management and the promoter Kronos, was closed for 100 million euros, according to ECO.
In 2022, the British group said it would invest 500 million in tourist assets in Portugal over the next five years, until 2027.
In Vilamoura, Arrow Global has the largest real estate investment ever underway in the Algarve with the Vilamoura World project, where 400 million euros have already been invested and a further 500 million is planned to be channelled into the development.