hospitality Market News: Spanish Real Estate Intelligence

Discovery Land Company Acquires Costa Terra
3 June 2019Richard D. K. Turner A Scottsdale, Arizona based private developer, the Discovery Land Company, acquired Costa Terra, a tourist development on the Alentejo coast from Portugal’s Queiroz Pereira family for an undisclosed amount. The US developer agreed to take on Costa Terra’s outstanding debts with Novo Banco, BCP, BPI, Caixa Geral de Depósitos, Caixa de Crédito Agricola and Montepio. Discovery is expected to begin construction as early as next week. The property, which is located in the parish of Melides, in the municipality of Grândola, has four kilometers of coastline. Total investment in the development is expected to reach 510 million euros. Original Story: Economia Online
Goldman Sachs in Talks to Acquire B&B Hotels
31 May 2019Richard D. K. Turner Goldman Sachs, an American investment bank, is in talks to acquire B&B Hotels. The French-owned hospitality group's portfolio includes eight hotels in Portugal. According to an article in the Jornal de Negócios, PAI Partners, which controls B&B, is in talks with Goldman and expects to conclude an agreement during the second semester of 2019 for an estimated 2 billion euros. PAI acquired B&B in 2016, for €790 million. Since its first investment in Portugal, the B&B Hotel Cantanhede Coimbra, the French group has invested 70 million euros to expand its footprint in the country, opening a total of eight hotels. In total, B&B has approximately 486 hotels around the world, generating revenues of 580 million euros in 2018. Original Story: Jornal de Negócios