The British fund-managing group Arrow Global completed the acquisition of the Dom Pedro hotels and golf courses in Vilamoura, Lagos and Madeira from the Saviotti group, in a deal valued at around 250 million euros, according to the ECO newspaper.
Dom Pedro Portobelo, Dom Pedro Marina and Dom Pedro Vilamoura, in Vilamoura; Dom Pedro Lagos, in Lagos; Dom Pedro Machico and Dom Pedro Garajau, both in Madeira, in addition to five golf courses in Vilamoura: Old Course, Pinhal, Laguna, Millenium and Victoria, now belong to Arrow Global, which has been in Portugal since 2013.
With this acquisition, Arrow Global intends to modernise the hotels and golf courses “to attract more customers and diversify the geographic base towards markets with greater purchasing power, such as the Northern American market”.
“Our objective is to continue to grow and contribute to developing national hotels and tourism, with particular emphasis on Vilamoura. This acquisition allows us to leverage regional synergies,” stresses João Bugalho, CEO of Arrow Global Portugal.
Arrow Global has several projects in Portugal, including managing Vilamoura World, the Vilamoura Marina expansion and modernisation project, creating a sports centre and modernising the equestrian centre.
The same source also adds that Dom Pedro Lisboa is not included in the deal and will continue to be owned by the Saviotti family, which boasts more than 50 years of activity in the hotel industry in Portugal. The family will now focus on the Dom Pedro Hotel unit in Lisbon, real estate, and tourist developments in Portugal and Brazil.