Vasconcelos Advogados advises PortoBay Group on an investment in two hotels in the Algarve

03.06.2024 | Prensa
in Jornal Económico, Advocatus and Iberian Lawyer
Vasconcelos Advogados advises PortoBay Group on an investment in two hotels in the Algarve

Vasconcelos Advogados advised the PortoBay Group on the signing of a complex joint-venture agreement with the Humbria Group, involving two hotel projects in the Algarve: the PortoBay Falésia, which the Group has already operated since 2007, and the future PortoBay Blue Ocean, which will be born from the current TUI Blue Falésia.

The two units, with a total of 660 rooms, which will become the property of the new joint venture 50% owned by each of the partners, will be operated by PortoBay, which, according to its CEO António Trindade, “is taking an important step in consolidating its business in the Algarve, given that when it came to the end or renewal of the contract, we came to the conclusion that it would make sense not only to maintain this operation but also to grow in the Algarve, thus doubling our presence, from now on in a global partnership with the renowned Humbria Group”.

The Vasconcelos Advogados team that advised PortoBay was led by partner Duarte Vasconcelos and included senior associate João Peixe and associate Duarte Faria. This team ensured the multidisciplinary negotiation related to the corporate legal relationship between the two business groups, the provision of hotel services and real estate legal advice in the context of the large investment to be made and the contracts for the transfer of operation of both hotel units, which are due to undergo significant modernization and standardization of concepts.

The Humbria Group was advised in this operation by the law firm Domingos Pires & Associados, in the person of Domingos Pires and Gilda Barreto.

The article published in Jornal Económico is attached, and the articles published in Advocatus and Iberian Lawyer can be found below: