AL Catterton Real Estate, an investment fund linked to the owners of Louis Vuitton, and Cedar Capital Partners have announced the creation of a strategic joint venture. They plan to develop a benchmark platform in luxury hospitality in Europe and North America.
One of its first acquisitions is the Penha Longa Resort in Sintra, Portugal. The value of the transaction was not disclosed, although the property is estimated to be worth €140 million.
According to the company’s official statement, the platform was created to “capitalise on the strong secular growth in global demand for luxury travel and a structural imbalance between supply and demand in the luxury hospitality segment.”
Its objective is “to bring together a select portfolio of 10 to 15 flagship assets,” the statement adds.
Mathieu Le Bozec, managing partner and founder of L Catterton Real Estate, said there is “a compelling opportunity to build a differentiated platform in luxury hospitality,” combining L Catterton’s “deep consumer knowledge and real estate capabilities” with Cedar’s sector expertise.
In Portugal, the standout asset is the Penha Longa Resort, “a Ritz-Carlton property” with 204 rooms, located within the Sintra-Cascais Natural Park, around 25 minutes from Lisbon airport.
Set on a 220-hectare estate, the resort features “a wide range of amenities, including two golf courses, Michelin-starred restaurants, an award-winning spa and a country club,” aligning with the type of assets the platform aims to develop.
The Jornal de Negócios also recalls that in 2018, the venture capital group Carlyle and the hotel group Marriott International acquired this hotel, considered one of the most exclusive and luxurious in Portugal, for 100 million euros.
For a taste of the high life in Portugal, sign up for the monthly luxury market round-up.
