Portuguese hotel operator PG Hotels & Resorts has invested €24 mln in the purchase and rehabilitation of a hotel in Alvor, Faro district, scheduled to open in July 2024.
The property in Portugal’s Algarve region is formerly known as Luna Alvor Bay.
This is the first hotel unit fully realized by PG Hotels & Resorts, a project that includes the acquisition of the building through a company specially created for that purpose (Colossal Panoply), its total refurbishment, the franchising with Wyndham Hotels & Resorts and the operation/management of the unit.
The hotel will have 149 rooms with sea views and beach access, as well as a restaurant, a fully refurbished adult and children's pool and an outdoor fitness centre.
The design of the rooms is contemporary, with kitchenettes, Smart TVs, air conditioning and internet access throughout the property.
The CEO of PG Hotels & Resorts, Mário Azevedo Ferreira, said: ‘We are very excited about the connection we have established with Wyndham for this hotel. Their support was extremely important in the creation of the concept and the design of all the infrastructure, and we are confident in the success of the Wyndham Residence brand, the first of its kind in Portugal, associated with a building so close to one of the Algarve's most beautiful beaches.’
Christian Michel, VP, European development, Wyndham Hotels & Resorts EMEA, added: ‘We look forward to a fruitful partnership with Colossal Panoply and PG Hotels & Resorts, and the continued growth of our Residence offering in Europe. The strategic signing of Wyndham Residences Alvor Bay with these two companies marks the first of our Residences brand in Portugal, strengthening our portfolio in the market and our commitment to provide more accommodation offerings to all types of travellers in destinations we know they want to experience.’
In its first financial year, PG Hotels & Resorts expects to achieve a turnover of €1.8 mln and is targeting an occupancy rate of 65% in the first full year of operation.
