European asset manager Arrow Global has completed the acquisition of major assets from Portuguese hotel operator, Dom Pedro Group.
Financial details were not disclosed.
The assets, now under the ownership of funds managed by Arrow, include three Vilamoura hotels – Dom Pedro Portobelo, Dom Pedro Marina and Dom Pedro Vilamoura, along with five flagship Vilamoura golf courses – Old Course, Pinhal, Laguna, Millenium, and Victoria.
The deal also encompasses Dom Pedro Lagos and two hotels in Madeira: Dom Pedro Machico and Dom Pedro Garajau. Dom Pedro Lisboa, however, is not included in the deal and will continue to be owned by Saviotti.
'Acquired on behalf of funds managed by Arrow Global, the purchase of the Dom Pedro hotels significantly augments Arrow’s real estate assets under management and underscores the robust potential we see in this highly attractive destination,' said John Calvao, principal of Arrow Global's funds.
He added: 'We are committed to continue working with a brand of considerable tradition and significance to the country. By bringing Dom Pedro assets under our management in conjunction with our previous acquisition of Vilamoura World, we express our unwavering dedication to positioning Viamoura and Portugal as a leading global destination.'
Stefano Saviotti, chairman of the board of Grupo Dom Pedro said: 'As a pioneer of Madeira Island and Vilamoura touristic development, I am very proud to have contributed to the success of both those premier destinations.
'I am also thankful to all Dom Pedro Hotels & Golf Collection collaborators, after more than 50 years of activity in Portuguese hospitality industry.
'I trust Arrow Global will continue to enhance the Dom Pedro Group legacy in Vilamoura and in Madeira Island. The Saviotti Group will now focus its activity on our 5* Dom Pedro Hotel Unit in Lisbon and on our real estate and tourism developments in Portugal and Brazil.'
'Our aim is to continue to grow and contribute to the development of the national hotel and tourism sector, with a particular emphasis on Vilamoura. This acquisition enables us to leverage synergies in the region,' said João Bugalho, CEO, Arrow Global Portugal.
Arrow Global's strategy will focus on refurbishing and modernising the hotels, as well as the golf courses and corresponding club houses. The goal is to attract more customers and diversify the geographic base towards markets with greater purchasing power, such as the North American market, providing them with a premier destination for holidays, leisure, and sports.
The hotel management of the acquired units will be the responsibility of Francisco Moser, CEO of Details Hotels & Resorts, a company within the Arrow Global Group.
The acquisition process was managed by Norfin Serviços, a subsidiary of Arrow Global.
In Portugal, the Arrow Global Group is currently undertaking several projects, including the development of Vilamoura World, where residential units are being developed and sold, the project for the expansion and modernisation of the Vilamoura Marina, the creation of a sports centre and the modernisation of the equestrian centre.
