Six years after the launch of the partnership that unites the largest hotel group in the country with Cristiano Ronaldo – who has a portfolio of five Pestana CR7 hotels – Dionísio Pestana will now launch the brand in real estate, according to Jornal de Negócios.
Representing an investment of €50 million, the first project will be in the player’s home island of Madeira in Praia Formosa, Funchal, with the start of the construction of 88 apartments for the second half of next year. This 50-50 partnership, is set to mark the beginning of Pestana Residences CR7.
Dionísio Pestana also admits to expanding the brand across borders, but this “is not part of the strategic plan” for now. “Right now we are more focused here on mainland Portugal and Madeira. We also did a project in the Azores. Let's start with this project, see the result and also evaluate the impact”, explained Dionísio Pestana to the newspaper.
Look beyond Lisbon old chap. The recent flooding will depress prices in an over priced market.
By Ian from Beiras on 15 Dec 2022, 07:30
As a football fan I appreciate that Ronaldo is a celebrity, and also that he is a smart guy with wider interests and businesses. However, Portugal News about the many aspects of Portugal, aimed largely at expats in, or thinking of moving to Portugal.
Do we need to read about Ronaldo in every edition, and get such detailed accounts of what he is doing, the state of his real estate business dealings and even if one development needs to demolish a structure?
I am far more interested in keeping abreast with issues affecting expats and expat residents than what Ronaldo is doing, and reports (such as Immigration and visa backlogs) and property prices than the launch of another CR7 hotel.
I don't subscribe for this kind of news.
By Tony Williams from Other on 16 Dec 2022, 11:38