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. Financial terms of the transaction have not been disclosed.
The deal 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.
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.
