| Brazil: Pestana group notes importance of Brazilian market and announces investments |
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| Wednesday, 04 February 2009 06:34 | |||||
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January 21, 2009 Lisbon, Portugal, 21 Jan – The Brazilian market will continue to be one of the pillars of growth for Portuguese hotels and tourism group Pestana, the group’s vice-president, Luigi Valle said in Lisbon Monday. At a meeting to report on the progress of various investments including the Pestana Bahia Lodge, in Salvador, next to Pestana Bahia, Valle said that the group planned to invest in Africa, namely in the Angolan market. Although 2008 results had not been totally calculated, the group expects that results from Brazil, as well as Madeira, were significant. “Both in Brazil and Madeira, we exceeded 100 million euros of gross operating profit,” Valle said. By the end of 2009, the group will have six new hotel units, three of which inaugurated as part of the Pousadas de Portugal network, in Viseu, Estói and Porto (all in Portugal) as well as the hotels Pestana Chelsea Bridge in London, Pestana Promenade in Madeira, and *Pestana Bahia Lodge in Salvador, Brazil. According to the group’s directors, Brazil, Macau, Morocco and Angola are all part of its expansion plans. In Africa the Pestana network currently has hotels and tourist resorts in Mozambique, South Africa, Sao Tome and Principe and Cape Verde. Another project that will be launched in the second half of this year by the Portuguese group is a hotel in Miami, in the United States, which will involve initial investment of 15 million euros and is scheduled to start operating by the end of 2010. The group noted that altogether this was “a significant investment effort,” which was expected to total 120 million euros, the group’s CEO, José Roquette said.
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