Portugal’s largest hotel group to invest 40 million euros in Brazil

12 September 2006

Lisbon, Portugal, 12 Sept – Portuguese hotel group Pestana, the largest in the sector in Portugal, is set to invest 100 million reals (40 million euros) in Brazil over the next three year in order to expand its capacity in Latin America’s largest economy.

Luigi Valle, director of the group, told Portuguese daily newspaper Público that the Pestana group had already invested around 300 million reals in Brazil, where it currently has nine hotels in Rio de Janeiro, Sao Paulo and Curitiba, and in Angra dos Reis, Salvador and Maranhao.

According to Valle, Brazil currently represents a fifth of the group’s revenue and 27 percent of its operating profit.

Growth in Brazil he said, was due to an increased number of charter flights to Brazil as well as the group having its own airline and travel agency.

The Portuguese group also operates in Mozambique and is currently finalizing its entry into Angola, where it plans to invest around 25 million euros on a 200-room five star hotel in Luanda.

Pestana is also investing in Sao Tome and Principe to a total of 15 million euros in building a hotel in the capital of the archipelago. (macauhub)