The Hotel California, in Albufeira, was sold to Arrow Global Portugal, a European investor and manager of credit and real estate assets, in an operation advised by Cushman & Wakefield, which represented the previous owner, Details Hotels & Resorts.
The four-star hotel, with a total area of 3.900 square meters, is located in the center of Albufeira and was renovated in 2019.
Among its amenities, the roof top pool and bar overlooking the historic center of the city, the spa & fitness center, the sushi restaurant and also the proximity to Praia do Pescador – 100 meters away.
Gonçalo Garcia, associate and head of Hospitality at Cushman & Wakefield Portugal, said that “this was, without a doubt, an operation that gave us great satisfaction throughout the management of the process, especially for the opportunity to help in the construction of the narrative, a basis of trust and mutual respect for the objectives of each party, catapulting Details Hotels & Resorts and Norfin into a synergistic relationship that will play an increasingly present role in the Portuguese tourism scene».
«We are very pleased to be part of a multinational group such as Arrow, with a diversified, solid business and a strong presence in Portugal. In addition, it is very positive to remain in the management of the hotel, as we can add our experience to the various projects underway», added João Costa, COO of Details Hotels & Resorts.
Francisco Moser, Director of Hospitality at Arrow Portugal, explained that «the Algarve is an obvious choice to invest in Hospitality, due to its history linked to tourism, but the Group's objective is to seek and take advantage of opportunities that arise all over the world. the country".
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