The US fund The Carlyle Group sold the iconic luxury resort Penha Longa, a property located in the Sintra-Cascais Natural Park and UNESCO World Heritage Site in Portugal, to a joint venture with L Catterton Real Estate. The 220-hectare property, which includes a 14th-century monastery, is valued at approximately €140 million ($152 million). Financial details of the deal were not disclosed.
To close the multi-million dollar deal, the investment fund L Catterton Real Estate, backed by the French luxury group LVMH, owner of iconic premium brands such as Louis Vuitton and Christian Dior, among others, partnered with the British firm Cedar Capital Partners.
Pérez-Llorca provided legal and tax advice to the buyers, L Catterton Real Estate and Cedar Capital Partners, on the acquisition of the asset. Uría Menéndez advised the seller, The Carlyle Group. Linklaters advised Novo Banco, the lender, on the financing of the transaction, including the structuring, negotiation, and execution of the documentation.
This joint venture aims to create a portfolio of 10 to 15 iconic properties and establish itself as a leading luxury hotel platform in Europe and North America. Penha Longa is one of the company’s first two acquisitions, along with the Garden Beach Hotel on the French Riviera.
The resort boasts over 209 rooms, a 1,500 square meter spa, golf courses, two Michelin-starred restaurants, and has hosted events such as the European Central Bank’s annual forum.
Legal Advisors
Asesores de L Catterton Real Estate y Cedar Capital Partners:
- Pérez-Llorca: Partners Evo Fernandes, Rodrigo Falcão Nogueira, Susana Estêvão Gonçalves, Carlos Vaz de Almeida, Adolfo Mesquita Nunes and Rita Vasconcelos. Lawyers Rita Braga Themido, João Policarpo, Mariana Cabana, Sara dos Santos Dias, João Carvalho, Gonçalo Pardal, Nicolle Barbetti, Miguel Teles, Miguel Riço dos Santos, Leonor Fialho dos Santos, Mariana Coelho dos Santos and Lucas Costa Velho.
Asesores de The Carlyle Group:
- Uría Menéndez: Partners Rita Xavier de Brito and António Castro Caldas. Principal Associate José Antônio Reymão Nogueira. Associate Domingos Braga. Senior Associates Luís Assis Teixeira and Dalila Mendes Leal. Junior Associates Luís Januário and Tomás Aires de Abreu.
Assesors de Novo Banco:
- Linklaters: Partners Gonçalo Veiga de Macedo and Rui Camacho Palma. Lawyers Ashick Remetula, João Noronha and Mariana Silva Pereira.
