Blackstone acquires the Cascade Wellness Resort in Lagos, Portugal, from Fliptrel
Blackstone, through its Luxembourg-based subsidiary Magma Pledgeco, has acquired the five-star, 164-room (including apartments) Cascade Wellness Resort in Portugal from Fliptrel Portugal, for a reported €50 million (€305,000 per room). The deal encompassed the acquisition of 100% of the shares of two companies, Cascadeinvest and Sunseasand. The resort is located in Lagos on the south coast of Portugal, and is close to Dona Ana Beach. The resort complex, which reopened in 2019 after a €6 million refurbishment programme, includes three restaurants, two bars, three pools, a spa, meeting facilities with a 500-person capacity, kid’s club, two tennis courts and a gym. The property is set to be managed by Blackstone’s pan-European resort platform, Hotel Investment Partners (HIP), which currently has 73 hotels in its portfolio.