Greek chain arrives in Portugal to manage Blackstone resort in Algarve

  • ECO News
  • 10 March 2022

Domes Resorts hotel group enters Portugal by taking over a resort owned by Blackstone. The Lake Spa Resort will be transformed into Domes Lake Algarve.

Portugal continues to shine in the tourism sector with more and more companies investing in the country. This time it is the Greek hotel chain Domes Resorts, which has chosen the Algarve as its starting point. It will take over the Lake Spa Resort, owned by the giant Blackstone, “totally” transforming the hotel unit according to its image, renaming it Domes Lake Algarve. It will reopen its doors on April 9.

The Lake Spa Resort is located in Vilamoura, a five-star hotel unit with 192 rooms and direct access to the beach. This resort belongs to the Spanish company Hotel Investment Partners (HIP) – the largest owner of resort hotels in southern Europe, owned by Blackstone -, which acquired it in January 2020 from Oxy Capital, as was reported at the time.

This resort will be the gateway to Portugal for the Greek group Domes Resorts. The luxury Mediterranean hotel brand will take over management of The Lake Spa Resort, which will be fully converted into a branded property, Domes said in a statement issued Thursday. The resort will be called Domes Lake Algarve and will reopen its doors on April 9.

Domes Lake Resort is close to Vilamoura marina and the Ria Formosa Natural Park. It has a saltwater lake, private access to Falésia Beach, four swimming pools and a 1.2 km walkway. It was elected in 2021 as Europe’s leading Luxury Lifestyle Resort by the World Travel Awards. “We are thrilled with this entry into Portugal and especially with this project,” says Vassilis Poravos, brand manager of Domes Resorts.

Spain’s HIP, founded in 2015 and owned by Sabadell bank, was acquired in 2017 by Blackstone Group. It is one of the leading investors in southern Europe, with a portfolio of 63 hotels, with a total of 18,728 rooms. Domes Resorts is owned by Ledra Hotels and Villas and comprises Domes de Elounda, Domes Noruz Chania, Domes Miramare, Domes Zeen Chania and Domes de Corfu.