• Transaction / Assets
    'MGM Muthu Hotels' Buys Hotel Raga from ECS
  • Seller
    ECS
  • Buyer
    MGM
  • € MM

‘MGM Muthu Hotels’ Buys Hotel Raga in Madeira

13 September 2017

The hotel, located a short distance from the centre of Funchal, was owned by ECS – Venture Capital Fund Management Company.

The Hotel Raga, located on the Lido, was acquired by the MGM Muthu Hotels group.

ECS was the establishment’s previous owner, and its sale to the MGM Muthu Hotels group, which already has five units in the Algarve, was advised by the Worx consultancy.

Composed of 170 rooms, two restaurants, three bars and an outdoor swimming pool, the Muthu Raga Madeira, a four-star hotel, is in a prime area, a short distance from the centre of Funchal. It is an asset of overriding interest to investors.

“The hotel’s excellent location, coupled with the good performance and high commercial dynamics that this hotel has seen in recent years, has made it a desirable asset for investors,” said Carlos Lopes of the Department of Tourism, Hospitality and Leisure of Worx.

Original Story: Jornal Econômico – Patrícia Gaspar

Translation: Richard Turner