U.S. fund Carlyle has sold the Penha Longa resort, an iconic luxury property in Portugal’s Sintra-Cascais Natural Park, to a joint venture formed by L Catterton Real Estate and British firm Cedar Capital Partners. The 220-hectare property, which includes a 14th-century monastery, is valued at approximately €140 million ($152 million). Financial terms of the deal were not disclosed.
L Catterton Real Estate is backed by French luxury group LVMH, owner of Louis Vuitton and Christian Dior. The joint venture aims to build a portfolio of 10 to 15 iconic assets and establish a leading luxury hotel platform in Europe and North America. Penha Longa is one of the venture’s first two acquisitions, alongside the Garden Beach Hotel on the French Riviera.
The resort features more than 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.
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