Le Meridien Penina Golf Resort, Portugal, For Sale

Molinaro Koger, the hotel real estate agent, has been appointed as the exclusive financial adviser in selling the 196-room Le Méridien Penina Golf Resort on Portugal’s Algarve.  One of the leading golf hotels on the Algarve, The Penina Hotel was the first five star hotel to be built there 40 years ago.  Forming part of the 145 hectare Penina Estate, it has three golf courses designed by the late Sir Henry Cotton and is a frequent venue of the Portuguese Open.  It also has a significant number of residential land plots.

“This is a rare opportunity to acquire one of the leading golf hotels on the Algarve and to benefit from Le Méridien’s affiliation with Starwood Hotels, which gives it access to Starwood’s centralised services and extensive customer base, including more than 6.5 million Preferred Guest members,” says Eric Kudlak, managing director, Molinaro Koger.

The property offers a number of excellent opportunities to improve facilities and generate additional profit, including re-structuring public areas; creating a new pool and spa area; adding a dedicated conference centre and new golf suites; and residential development.  All 196 bedrooms will be undergoing a full renovation during winter 2007/2008.

“While the Penina Hotel achieves one of the highest occupancy levels among the upscale hotels on the Algarve, its average room rate is lower than that of its competitors.  However, if the improvements are made, there would be a significant increase in trading performance and the average room rate, providing an excellent investment opportunity,” says Mr Kudlak.

The Penina Estate covers some 145 hectares of land, including the hotel, three golf courses and residential land plots.  The hotel owns a number of these plots, which overlook the fairways, including 14 individual plots, planning consent for 48 units in four blocks of three storeys each and planning for a further ten residential units.

The hotel is located inland from Alvor, on the main Portimão/Lagos road, just one minute’s drive from the A22 Motorway, which runs the length of the Algarve from the Spanish border to Lagos.  Approximately 10 kms to the east is Portimão, the nearest town, one of the busiest after Faro.  It is easily accessible from Faro International Airport, which is a 40 minute drive.

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EDITOR’S INFORMATION

Molinaro Koger was founded in 1959 to provide specialist hotel real estate advisory services to the industry.  Working exclusively in the hotel sector, the company is one of the top three hotel real estate companies in the world, with 11 offices in the USA, Beijing, London, Shanghai and Mumbai.  Recent European assignments by the London office include the Great Eastern Hotel, London; Marriot Hotels in Prague, Budapest and Copenhagen; and Forte Village Resort in Sardinia, plus various properties in the UK, France, Portugal and Poland.

Press Enquiries:
Eric Kudlak, Molinaro Koger, +44 (0)207 290 5400, .(JavaScript must be enabled to view this email address), http://www.mkhotels.com.
Caroline Murdoch, Redworks PR, +44 (0)1869 810 443, .(JavaScript must be enabled to view this email address)

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