Portugal’s Pelicano Investimento Imobiliario has announced it is to invest EUR250 mln in the Pinheirinho Resort project on the Portuguese Tróia Peninsula coast south of Lisbon. In a statement, the company said it has signed an agreement with US hotel chain Hyatt Hotels & Resorts for the management of the hotel, which will be renamed the Park Hyatt Além-Tejo e Pinheirinho.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
