A consortium led by investment funds advised by Davidson Kempner Capital Management LP, and comprising operating partners Highgate and Kronos has completed the acquisition of leading Portuguese investment manager ECS Capital.
The ECS real estate portfolio includes 18 hotels and three golf courses, as well as residential properties and land to develop at the renowned Vale do Lobo Golf & Beach Resort and the popular Conrad Algarve Hotel in Quinta do Lago.
The deal also includes the acquisition of two funds managed by ECS, as well as some additional Portuguese companies, whose assets comprise 65 attractive hospitality, residential and commercial properties predominantly located across the Algarve region.
Negotiations for the deal began in late 2021, but the purchase was finalised on 29 December 2022, and the amount of the deal has not been confirmed but is reportedly valued at around 850 million euros.
The transaction represents an exceptional opportunity for ECS to build on its many years of success as a leading investment manager in the Portuguese private equity sector, and the Consortium is excited about the opportunity to invest in and grow the platform and portfolio of assets over the coming years.
Davidson Kempner, founder and CEO of Davidson Kempner Capital Management
This announce follows the recent acquisition of Viceroy Hotels & Resorts by Highgate, which is expected to close in early 2023.
