Paxlegal advises on Colombo’s Resort takeover in Porto Santo

Paxlegal has announced its advisory role to the international group that, starting in July, will assume the management of Colombo’s Resort in Porto Santo, a luxury hotel previously operated by the Pestana Hotel Group under the name Pestana Colombos.

Colombo’s Resort, located on the island of Porto Santo, was originally developed by the Siram SGPS Business Group through its subsidiary Sociedade Imobiliária e Turística do Campo de Baixo (SITCB). Launched in 2005, the project aimed to build a luxury resort with an estimated investment of €120 million. However, construction was halted in 2009 due to financial difficulties faced by the developer. Three years later, in 2012, ECS Capital, a private equity fund management company, took over the project and resumed construction with an initial investment of €10 million.

The transaction, which involved António Patrício (partner, pictured) and Bruno Sampaio (senior associate), was concluded following an agreement with the property’s owner – Caixa Geral de Depósitos.