Portugal’s Tourist Board, through state company Empresa Nacional de Turismo (Enatur), currently controls the Pousadas de Portugal hotel business with the Pestana Group holding a minority shareholding of 49% through Grupo Pestana Pousadas.
The groundwork for a sale of the state’s 51% ownership of Pousadas de Portugal to Pestana Group is to be completed by the end of this year.
In late October, Turismo de Portugal’s president, businessman Joao Cotrim Figueiredo hired a law firm to advise on the sale process. The conclusions with regard to the privatisation model and its economic viability will be delivered in the next few weeks.
"From a technical point of view, Turismo de Portugal believes it is possible by the end of the year to be in a sale position," explained Figueiredo.
Then it is up to the Ministry of the Economy, under whom the Secretary of State for Tourism works, to take a decision on whether to go ahead with the sale or not.
The minority shareholder in Enatur, the Pestana Group, which already has the rights to run the chain of 37 state owned hotels, is said to be willing to buy out its partner.
The President of Turismo de Portugal said that there needs first to be a "decision on the alternatives open to the privatisation process,” after which a sale to Pestana may be completed.
Whether other interested parties will be allowed to bid for the 51% owned by the state, aka the taxpayer, remains to be seen and if this is a one horse race, doubts will circulate that Pestana may get the chain of unrivalled hotels in some of Portugal’s most historic buildings on the cheap.
Pestana already has received criticism for closing underperforming hotels in the Pousada chain and the potential transfer of unique parts of Portugal’s architectural heritage into private hands could later enable the breaking up of the Pousada chain which was set up from 1942 to encourage tourism in Portugal, not to enrich private companies.
The Pousada de São Brás in the Algarve (pictured) was ditched by the Pestana Group due to poor performance and in February 2014 was being transformed into a 'time-share' facility by its new Danish owners.
Three Pousadas remain in the Algarve,
Pousada Convento de Tavira
Pousada de Sagres
Pousada Palácio de Estoi
If this model is continued the Pousadas de Portugal chain can be sold off piecemeal, as and when Pestana Group needs the money.
See:
http://www.pousadas.pt/historic-hotels-portugal/en/corporate/pages/legacy.aspx
http://www.algarvedailynews.com/news/1511-pousada-de-sao-bras-turned-into-timeshare-project
