Portuguese group bargains buyout of Buenos Aires’ Murano Hotel

Pestana, a Portugal-based group, is currently negotiating the purchase of the Murano Hotel in Buenos Aires. A source close to the company’s front office informed that only minor details about the buyout remain to be worked out.

The operation includes an investment package in the neighborhood of $10 million and the renaming of the establishment as the Pestana Buenos Aires Hotel. The Murano is a four-star, 133-room resort in the downtown area of the Argentine capital, quite near the Colon Theater.

The group headed by Dionisio Pestana –who cut his business teeth in Madeira back in 1972- owns over 20 hotels scattered in Portugal, Mozambique, Brazil and South Africa.

In addition to his hotel business, the Pestana Group also deals with gambling operations, travel agencies, golf courses and real estate.