When you think of Pestana Hotel Group, you think, above all, of hotels and resorts. However, another word should be added to the pair: real estate. Those responsible predict that this business area will soon represent 25% of their global results.
The Pestana Hotel Group’s real estate investments aren’t anything recent. They began in the early 1990s and were linked to golf, which was a way of combating seasonality while implementing a strategy popular with investment managers: diversification. If it was already geographical, it then also became business.
This area is divided into two types: tourist real estate, where the Group sells properties but is responsible for managing them and tourist rentals, and residential real estate, where it’s solely an investor and developer.
Pestana Comporta Village Residences
Pestana Porto Covo Village
Projects with the Pestana Residences name are currently focussed on the Alentejo coast, Algarve and Madeira. For example, the Group is now building the Pestana Porto Covo Village, a tourist development with 174 flats (most already reserved), which was designed by the architect Jaime Morais. In Madeira, the 181 flats of the luxury Acqua Residences project are expected to be ready by the end of 2023, giving a new lease of life to a historic building, the former Hilton hotel (later Madeira Palácio), which was designed by the architect Carlos Ramos, the man responsible for the Restelo Stadium, with contributions from Gonçalo Ribeiro Telles (exteriors) and Daciano da Costa (interiors).
