Portuguese hotel conglomerate Pestana Group is harnessing global football icon Cristiano Ronaldo’s immense popularity in Saudi Arabia to launch its strategic expansion into the Middle Eastern hospitality sector, a move underpinned by the group’s forecast of unprecedented profits.
The group recently signed a memorandum of understanding in Riyadh. This agreement involves a consortium led by Saudi real estate firm Retal, alongside Asasat and Bahrain-based Bareeq.
The consortium is currently among five finalists vying for a significant development within Riyadh’s future King Salman Park. This park is projected to become the world’s largest urban green space.
The proposal includes the development of a new hotel. If realized, this would become the seventh property under the Pestana CR7 brand.
José Roquette, Pestana Group’s Development Director, expressed optimism about the project. He told Lusa news agency that Ronaldo’s current base in the region, as a player for Al-Nassr, makes it “perfectly logical” to pursue joint ventures.
Roquette emphasized the “added value” of the Pestana CR7 brand in the Middle East. He called Ronaldo “the right brand, with the right partner, in the right place” given his global appeal.
The hotel group is anticipating “exceptional record results” for the current year. Roquette noted “very good tourist years” following the pandemic, providing Pestana with “financial muscle and fluidity” unprecedented for such an expansion.
Last year, the group reported revenues of approximately $703.6 million, a 17% increase from 2023.
Pestana Group currently operates over 100 hotels across 16 countries. Six of these are in partnership with Cristiano Ronaldo.
Saudi authorities are expected to announce their decision on the King Salman Park project during the first quarter of 2026.
Should the King Salman Park project not materialize, the signed memorandum allows Asasat to continue exploring other opportunities for Pestana in Saudi Arabia. The group, which currently has no presence in the Middle East, is also considering investments in Dubai and Abu Dhabi.
While Europe and the United States remain Pestana’s primary development areas, with projects in Paris (Pestana CR7), Brussels, and Orlando, the group sees the Middle East as a crucial new front.
The signing occurred during a two-day official visit by Portugal’s Economy and Territorial Cohesion Minister, Castro Almeida, to Saudi Arabia. He was accompanied by a delegation of more than 50 Portuguese companies.
The visit included meetings with Saudi government officials, a business forum, and the seventh Saudi Arabia-Portugal mixed commission meeting.