RREEF has refinanced the Penha Longa Hotel, Spa & Golf Resort in Portugal, which its DB Real Estate Iberian Value Added fund acquired in 2003.
Hypo Real Estate, the property lender, said it had provided €46.9 million ($74 billion) to refinance the five-star resort, which is located between Sintra and Cascais.
Since acquiring the asset five years ago, RREEF has embarked on a program to refurbish, enlarge and reposition the resort. The resort, which is managed by Ritz-Carlton, has 194 rooms and sports and leisure facilities on 220 hectares of land and includes two golf courses.
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