On December 29, 2022, T NEWS (Portuguese professional tourism news website) released a new report on PG Hotels & Resorts' four-star Wyndham Residences Alvor Bay: Lisbon-based hotel development company Colossal Panoply officially launched on December 28 announced that Wyndham Hotels & Resorts, the world's leading hotel brand, has reached a cooperation on the Wyndham Residences Alvor Bay project in the Algarve.
Since then, the Alvor Bay Hotel has been officially branded as Wyndham Residences, which will open in the summer of 2023 and will be operated by the PG Hotels & Resorts team led by Mário Azevedo Ferreira, former CEO of the NAU hotel and resort chain. Mário graduated from the Glion Institute of Higher Education and has more than 30 years of experience in luxury hotel operations. He has served as the senior CEO of many hotel groups in Portugal, and has also served as the office counselor of the Portuguese Trade Bureau Tourism Bureau (Italy, the United Kingdom, Holland, France), with deep and professional insights into the tourism and hotel industry in various places. Christian Michel, vice president and head of European development at Wyndham Hotels & Resorts, also said: "We look forward to a productive partnership with Colossal Panoply and PG Hotels & Resorts and look forward to the continued growth of our hotel offerings in Europe.The signing of Wyndham Residences Alvor Bay with the two companies will also mark the first opening of the Residences brand in Portugal."
This hotel has 149 guest rooms, including restaurants, upgraded swimming pools for adults and children, and outdoor gymnasiums and other complete supporting facilities. Just 2.7 km from Faro Airport in the Algarve, it is located next to the only blue flag beach in Portugal with uninterrupted sea views. At present, the interior and exterior renovation of the hotel is in full swing, and it is expected to add more than 60 jobs to the Alvor community after it opens in July next year.
Algarve is one of the most popular regions in the Portuguese tourism market, and the tourist population here is two-thirds of the entire Portugal. Before the outbreak of the global epidemic, 27 million tourists traveled to Portugal in 2019, and the Algarve region had 20.7 million tourists. This shows that Portugal's tourism market focuses on the Algarve, and Portugal's hotel industry market also focuses on the Algarve , its market potential and return on investment cannot be underestimated.
According to the latest news released on the T NEWS website on December 28, the year-end occupancy rate in the Algarve exceeded 80%. Since the post-epidemic, the popularity of Algarve's tourism industry has been gradually recovering. At the end of this year, it has returned to the level before the epidemic. The hotel industry has also ushered in a new peak period!