ECS is drawing interest from rival private equity firms as it looks to offload a portfolio of Portuguese real estate that includes some of the country’s top hotels, people familiar with the matter said. Lisbon-based ECS is exploring a sale of the properties, and is seeking 1.4 billion euros ($1.7 billion), the people said, asking not to be identified discussing confidential information. The ECS portfolio includes the Conrad Algarve and Hilton-branded Cascatas Golf & Resort Spa, as well as the NAU Hotels & Resorts chain, shopping centers and undeveloped land, the people said.
Bain Capital is among the firms that have been weighing bids, the people said. The assets have also drawn initial interest from Davidson Kempner Capital Management, one person said. Suitors have until the end of Friday to submit non-binding proposals, according to the people.
Some bidders could opt to make offers for the entirety of ECS, which manages four funds dedicated to investing in a range of sectors in Portugal, one of the people said. Deliberations are ongoing, and there’s no certainty they’ll result in a transaction, the people said.
Source: BNN Bloomberg
By Henrique Almeida and Antonio Vanuzzo
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