Linklaters, Pérez-Llorca and Uría Menéndez on Penha Longa Resort deal
Linklaters, Pérez-Llorca and Uría Menéndez have advised on the transaction of the Penha Longa Resort, a Ritz-Carlton resort featuring 204 rooms, golf courses, and a spa, located in the Sintra-Cascais Natural Park, a Unesco World Heritage site in Portugal. The transaction marks the entry of investors L Catterton Real Estate and Cedar Capital Partners into the Portuguese premium hospitality segment as part of a new luxury platform launched by the acquirers, which also includes the Garden Beach Hotel on the Côte d’Azur.
Pérez-Llorca advised the buyers, L Catterton Real Estate and Cedar Capital Partners, on the acquisition of the target. The firm provided legal and tax advice through a multidisciplinary team led by partners Evo Fernandes (Real Estate and Planning), Rodrigo Falcão Nogueira (Corporate and M&A), Susana Estêvão Gonçalves (Tax), and Carlos Vaz de Almeida (Banking and Finance). The advisory team also included the following lawyers: from Corporate and M&A, Rita Braga Themido and João Policarpo; from Real Estate and Planning, Mariana Cabana; from Banking and Finance, Sara dos Santos Dias, João Carvalho, and Gonçalo Pardal; from Tax, Nicolle Barbetti and Miguel Teles; from Labor, Miguel Riço dos Santos and Leonor Fialho dos Santos; from Environment and Regulatory, Adolfo Mesquita Nunes (partner) and Mariana Coelho dos Santos; from Litigation and Arbitration, Lucas Costa Velho; and from Competition Law, Rita Vasconcelos (partner).
On the other side, Uría Menéndez advised the seller, The Carlyle Group, on the disposal of the target. The team was led by Rita Xavier de Brito (partner, Real Estate) and included lawyers Domingos Braga (associate, Real Estate), Luís Assis Teixeira (senior associate, Real Estate), António Castro Caldas (partner, Tax), Dalila Mendes Leal (senior associate, Tax), Luís Januário (junior associate, Tax), José António Reymão Nogueira (Managing Associate, Finance), and Tomás Aires de Abreu (Junior Associate, Finance) for financial matters.
Regarding the financing aspects of the operation, Linklaters advised Novo Banco, the lending institution for the transaction, on the structuring, negotiation, and formalisation of the financing documentation. The team was led by Gonçalo Veiga de Macedo, partner in the Finance, Energy & Infrastructure practice, and included Rui Camacho Palma (partner, Tax), Ashick Remetula and João Noronha (Banking), and Mariana Silva Pereira (Corporate/M&A).
In the picture, from left to right, Evo Fernandes, Rita Xavier de Brito, Gonçalo Veiga de Macedo.
