Portuguese hotel group Pestana wants to sell hotel in Brazil to fund expansion

10 September 2013

Portuguese group Pestana Hotels & Resorts has started negotiations for the sale of the Pestana Rio Atlântica hotel, in Copacabana, Brazil, but will continue to manage the hotel unit, said Pedro Reimão, the group’s chief executive.

Cited by Portuguese daily financial newspaper Jornal de Negócios, Reimão said that he group was negotiating with financial institutions in Brazil, as “the
hotel is mature enough for us to do this, and may be the first of many.”

The aim, according to the CEO, is to free up funds to finance the group’s expansion, without increasing its debt or the expense involved with asking for bank loans, “as this is just a financing solution.”

As well as Portugal, where the group has its headquarters, Pestana Hotels & Resorts has hotels in the United Kingdom, Germany, the United States, Cuba, Argentina, Brazil, Colombia, Venezuela, South Africa, Mozambique, Cape Verde, Sao Tome and Principe, and Morocco. (macauhub)