Cristiano Ronaldo has made money with his hotel in Madrid’s Gran Vía | Company

Hotel owned by Portuguese group and footballer Cristiano Ronaldo operates a hotel owned by Portuguese group and footballer Cristiano Ronaldo in Gran Vía, Madrid Pestana CR7 Pestana CR7 Madrid made a net profit for the first time in 2022, its second year open to the public.

This compares with a loss of almost €1 million in 2021, which is just over €194,000. Those black numbers were helped by strong revenue growth. This number has tripled to 9.6 million.

The management report states that “beginning in April, there have been positive developments in the tourism industry, leading to revenues for most operators in the sector that are very close to those of 2019.” Against this background, Pestana CR7 said that growth in 2022 is ” This was the result of a significant increase in average prices due to increased demand and changes in distribution channel mix, as well as increased occupancy rates. “. This is also the hotel’s first full-year event, allowing it to “achieve good operating results.”

Pestana CR7 The accounts of the Madrid hotel also show a corporate restructuring of the joint venture between hotel group owners Dionisio Pestana and Cristiano Ronaldo, who, in addition to Madrid, also operate hotels in Lisbon, New York and Marrakech. The two parties created a new parent company, Pestana CR7 Holding, which currently combines the shares of both parties.

In view of the “promotion and performance” of the opened hotels, “Dionisio Pestana and Cristiano Ronaldo signed a joint venture agreement aimed at creating a single brand and new hotel concept”. The partners have developed “a series of decisions regarding related activities that must be mutually agreed upon,” the report said. These include the approval of business plans and budgets, representation at partner meetings, the purchase and sale of assets or the formation of other subsidiaries, etc.

Through this restructuring, the company holding 50% of Pestana CR7 Madrid sold its shares to Pestana CR7 Holding, which in turn is held by Ronaldo and Pestana in similar proportions. Former footballer Miguel José Paixâo Dos Santos is also listed as an administrator of CR7 SA, the company that centralized Ronaldo’s interests in other businesses including the Insparya hair clinic Together, he is the footballer’s representative in the company’s management.

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