Global Update |
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Pestana bucks trend Hotel tradition lives in Portugal . Pestana Group and Chairman Dionísio Pestana have built a business over 40 years based on the idea that asset values outweigh pure management plays . “ We have a strong and healthy balance sheet with assets over € 1 billion ( US $ 1.36 billion ),” Pestana says . “ When banks look at us they like to see some of the money invested is still on balance sheets .”
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Dionísio Pestana learned
the business in the 1970s
from Sheraton legends .
That philosophy , started by patriarch Manuel Pestana , began with one Sheraton hotel and today stands at 84 hotels in 13 countries ( 37 of which are a 49 % interest in the state-owned Pousadas de Portugal properties ) as well as a big position in the vacation club business . In all , Pestana operates in nine business divisions .
Pestana says the company is in growth mode with strong interests
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Pestana GrouP ’ s Portfolio today stands at84 hotels in
13countries in addition to a biG Position in the vacation club business . |
in Europe , the Americas and Portuguese-speaking countries in Africa . Currently , it is developing three hotels in Lisbon and one in Amsterdam and has been seeking a site in New York City . It already has a presence in Miami because it serves its clients from Brazil , where it has eight hotels , as well as Colombia and Venezuela . Pestana says he also needs a presence in London and Berlin , adding that he is also looking seriously at Lima and Montevideo .
In terms of brand philosophy , Pestana points to the original Sheraton model . “ Hoteliers such as ITT ’ s Herald Geneen and John Kapioltas taught us about managing accounts and controls and reporting systems ,” he notes .
At age 60 , Pestana wants to keep the family tradition alive and says some of his four children are keen to join the business . “ With 6,000 employees and turnover of € 440 million ( US $ 600.4 million ) a year , we must have the right people in the right places ,” he says .
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