The Pestana Hotel Group invests 200m€ until 2020

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07 DEC 2016

In a press conference yesterday at its flagship hotel in Lisbon, the Pestana Hotel Group presented an overview of the Group’s expansion strategy over the past five years and unveiled the Development Area’s growth plans until 2020. The four-year plan will result in a global investment of 200M€, where the opening of a new hotel in New York stands out.

In view of the excellent market prospects, the group maintains its focus in the North-American expansion plans with 4 hotels. Following the existing Pestana South Beach in Miami and the recently announced Pestana Newark and Pestana CR7 New York, the leading Portuguese hotel chain revealed in this occasion a new investment in New York, the Pestana NY East Side. Owned by the group, it represents an investment of 25 M€ and has 96 rooms, distributed by 27 floors, in a privileged location at 23 East 39th Street.

José Roquette, the Chief Development Officer of Pestana Hotel Group, emphasized the Portuguese multinational’s new phase of growth, resulting in 3 thousand new rooms within the next 5 years.

The reinforcement of the national leadership with new projects in every region, as well as the affirmation of its European drive as an international chain with 3 to 5 new projects in the Continent, were also stressed at the press conference.

The ongoing search for innovation in both new business models and new products continue to be one of Pestana’s key drivers, whilst it maintains a clear focus on asset, geographical and financial diversification, Mr. Roquette highlighted.

The strategic priorities for the company’s upcoming future encapsulate the vision of the owner and Chairman of the company, Mr. Dionísio Pestana, who aims to reach the 15.000 room milestone by 2020.

The Pestana Group, that will celebrate its 45th anniversary in 2017, is proud to keep growing across 3 continents and 14 countries, with 87 hotels, more than 11.000 rooms and 7 thousand employees, consolidating the group’s leadership in Portugal and international print.

With a turnover of approximately 400 million euros in 2016 and almost 70% of its activity focused on hotel business, the group manages assets valued at 1.1 thousand million euros.