LISBON, PORTUGAL—The world’s best football player, Cristiano Ronaldo, and Pestana Hotel Group have formed a joint partnership to launch four new boutique hotels. The joint venture will be managed by Pestana Hotel Group. The total investment in these four new hotels will be approximately $82 million.
The hotels will be located in Lisbon (Historic Downton); Madrid (Gran Vía); Funchal, Portugal (Cruise Harbour); and New York (near Times Square). They will have 400 keys in total and will open within the next two years.
Ronaldo’s CR7 brand is the main inspiration behind the four hotels, which will be boutique in style and will appeal to the modern-day Millennial traveler, according to Pestana Hotel Group.
“This joint venture has enormous potential,” said Dionísio Pestana, owner and chairman of Pestana Hotel Group. “It also echoes the constant innovation spirit that embodies The Pestana Hotel Group.”
“I’m certain that this investment is surely one of the safest deals that I can capitalize on for my future,” noted Ronaldo.
The first hotel is scheduled to open in summer 2016, in Funchal’s harbor, on the island of Madeira. It will be followed by Lisbon in late 2016. Madrid and New York are due to open in 2017. With these new openings, The Pestana Hotel Group will grow to more than 90 hotels in 16 countries.