JJW Hotels & Resorts shops in the Algarve with EUR 180m hotel buy

JJW Hotels and Resorts, a subsidiary of MBI International, has acquired four luxury properties in the Algarve region of Portugal for a total of $268 mln (EUR 183 mln). The properties, bought from Starman Hotels are the prestigious San Lorenzo Golf Course, the Dona Filipa Hotel, a luxury five-star hotel next to the San Lorenzo Golf Course; and the Penina Hotel and Golf Resort, a five-star hotel and resort that has hosted the Portuguese Open on numerous occasions.

'With this new venture, we look forward to raising the value of our assets in the Algarve to over EUR 500 mln', said Sheikh Mohamed Bin Issa Al Jaber, founder and chairman of JJW Hotels & Resorts.

Felicity Black-Roberts, director of Property at Starman Hotels, said: 'From the beginning, we realized that this was the perfect opportunity for JJW to further develop these two hotels and the World Famous San Lorenzo Golf Course.'

Since it was founded in the late 1980's, JJW Hotels & Resorts has built a strong portfolio of luxury hotels in London, Paris, Vienna, the Middle East and the Algarve, where it is developing the exclusive Pinheiros Altos Golf Resort and the adjacent Royal Algarve, a luxury five-star hotel and spa due to open in 2009.

MBI International is the global group that combines the companies owned by self-made Arab entrepreneur Sheikh Mohamed Bin Issa Al Jaber. The group enjoys annual revenues of some $1.9 bn and an asset base worth $6.6 bn. It employs 11,000 people and operates Saudi Arabia, Egypt, Iraq, and across Europe and the United States. Its hospitality unit JJW Hotels & Resorts owns and manages more than 55 hotels and resorts in Europe, the Middle East and North Africa.