Private equity firm ECS has reportedly narrowed down the list of potential buyers for a portfolio of Portuguese real estate, including some of its most well-known hotels, to three.
According to React News, those selected are Davidson Kempner Capital Management, Oaktree Capital Management, and a consortium formed by Bain Capital and Cerberus Capital Management. The three bids will now move on to the second phase of the process.
In February Bloomberg said ECS was seeking €1.4 billion euros ($1.7 billion) for the portfolio, which includes, the Conrad Algarve and Hilton Vilamoura As Cascatas Golf Resort & Spa, as well as the NAU Hotels & Resorts chain.
Many of the properties were transferred to the ECS portfolio after the global financial crash and Portugal subsequently sought a financial bailout.
Hospitality Insights contacted ECS for comment but has not heard back.