jjw hotels and resorts announces 268 million usd acquisition in algarve, portugal
-The acquisition encompasses the San Lorenzo Golf Course, the Dona Filipa Hotel and the Penina Hotel & Golf Resort-
JJW Hotels and Resorts, a subsidiary of MBI International, owned by Sheikh Mohamed Bin Issa Al Jaber, announced today its acquisition of four prestigious luxury properties in the Algarve, Portugal. The 268 million USD deal with Starman Hotels encompasses the San Lorenzo Golf Course, widely considered to be the best golf course in Portugal and one of the top five courses in Europe; the Dona Filipa Hotel, a luxury five star hotel closely associated with the San Lorenzo Golf Course; and the Penina Hotel and Golf Resort, a five star hotel and resort that has played host to the Portuguese Open on numerous occasions.
During the signing ceremony, Sheikh Mohamed Bin Issa Al Jaber, founder and Chairman of JJW Hotels & Resorts stated: “With this new venture, we look forward to raising the value of our assets in the Algarve to over 500 million Euros. After 20 years of continuous excellence in Portugal, JJW Hotels and Resorts has consolidated its position as a major player in the Portuguese luxury hospitality industry.”
Felicity Black-Roberts, Director of Property at Starman Hotels stated: “From the beginning, we realized that this was the perfect opportunity for JJW to further develop these two hotels and the World Famous San Lorenzo Golf Course. With a proven track record in Portugal and Europe, JJW Hotels and Resorts have chosen four luxury properties to broaden its already stunning offering of signature hotels and resorts across the continent.”
Since it was founded in the late 1980’s, JJW Hotels & Resorts has built a strong portfolio of luxury hotels in prime locations such as London, Paris, Vienna, the Middle East and the Algarve in Portugal, where the highly exclusive Pinheiros Altos Golf Resort is moving ahead into the next and most prized phase of its development program with the construction of the Royal Algarve, a luxury 5 star hotel and spa, on the prime site within the resort, which will open in 2009.
