Pestana injects €7.5 million for investments in Europe and New York

  • ECO News
  • 11 January 2022

A capital increase of €7.5 million was made in the company that manages the hotels in Europe and the United States.

The Pestana Group has made another €7.5 million available for investments in Europe and the United States, José Theotónio, CEO of the national hotel chain, told ECO. This amount came in through a capital increase in the company Hotéis Atlântico.

At the beginning of this month, the Pestana Group went ahead with a capital increase of €7.5 million in the company Hotéis Atlântico, through the issue of 1.5 million shares with a nominal value of €5 each. This company now has a capital of €40 million.

The Hotéis Atlântico company is responsible for managing hotels in Europe and the United States, explained José Theotónio. This capital increase takes place, above all, following the investments that have been made in North American territory. “We have opened two hotels in New York and it is necessary to put money there [in this company],” says Pestana’s CEO.

José Theotónio stresses the hotel chain has “been investing in Europe and the United States” because “it was necessary to reinforce the capital in the United States, which ended up going into” the Hotéis Atlântico company.

Pestana Park Avenue was the 100th hotel inaugurated by Dionísio Pestana’s group, in a €30 million investment. It was followed by Pestana CR7 Times Square. Already ready, but yet to open, are the Pestana CR7 Marrakesh and another in Porto, whose openings are scheduled for mid-March or April.