The total value of the investment has not been stated by the group although it has been said that the group intends to change the hotel brand with details to be defined at a later date.
In a statement sent to Lusa news agency, HIP administrator Alejandro Hernández Puértolas said that Portugal “has always been” among the group’s target markets, “given its climate, cuisine, infrastructure, culture and landscape”, factors that make the country “one of the best” holiday destinations” in Europe.
“We are very pleased with this first acquisition in Portugal, and specifically in the Algarve, an environment privileged by its connectivity and the long duration of the high season, which can last twelve months a year,” he added.
HIP is one of Southern Europe’s leading holiday hotel investors, with a portfolio of 63 hotels, mostly four and five star.
The hotels are operated by chains such as Melia, Barceló, AMResorts or Marriott, through management contracts.