Hotel Investment Partners (HIP), part of the Blackstone managed funds and known as one of the leading owners of resort hotels in Southern Europe, has added the Cascade Wellness Resort in Lagos, Algarve to its collection, for around 50 million euros. The acquisition encompasses all shares of Cascadeinvest and Sunseasand, which were bought from Fliptrel Portugal.
Previously managed by ECS and Highgate Portugal, this five-star hotel strengthens HIP's position in the region, where they already own the Domes Lake Algarve, Autograph Collection hotel, located in Vilamoura Bay from January 2020.
HIP plans to invest in upgrading and repositioning the newly acquired hotel, including the inclusion of new holiday villas in its facilities.
Strategically located on the seafront near Ponta Piedade in Lagos, the Cascade Wellness Resort has 164 rooms and flats. Visitors can choose from three restaurants and two bars. In addition, it offers outstanding sports facilities, including two FIFA-compliant football pitches, making it a hotspot for top-level football teams. Its location and leisure facilities make it an ideal choice for a summer family holiday.
HIP's aim is to continue its expansion in Southern Europe, with a focus on frontline holiday hotels in high-demand tourist destinations. Lagos, for example, is one of the jewels of the Portuguese Algarve. The company's strategy is based on enhancing the value of its acquisitions through appropriate investment and management, always seeking to improve the customer experience and positively promote the destination in question.
