Carlyle Group is close to selling the Penha Longa Resort & Hotel in Sintra to L Catterton and Cedar Capital Partners for around €140m. The price reflects necessary upgrades to the property's golf course. Discussions are ongoing, with no final agreement yet. The estate includes a Ritz-Carlton hotel and sits in a protected natural park.

Carlyle acquired the Portuguese asset in 2018 for about €120m. The resort is a high-profile hospitality property, having hosted the European Central Bank's annual policy retreat. It comprises 204 rooms and amenities like a wellness centre and championship golf course designed by Robert Trent Jones Jr., operated by Marriott International.

The potential deal highlights private equity's growing appetite for European luxury hospitality assets, especially in markets with limited supply. Portugal's tourism sector is booming, with revenue likely hitting a record €30bn in 2025. This transaction underscores the resilience of high-end demand in the region's travel market.