Cristiano Ronaldo partners with Pestana Group to open four hotels

Portuguese footballer Cristiano Ronaldo has partnered with Pestana Group to launch four new boutique hotels.

Ronaldo will own 50% in the joint venture (JV), which plans to invest $81m in four new hotels in Portugal, Spain and the US.

The first two hotels are scheduled to open next year in Madeira and Lisbon, Portugal.

The third and fourth hotels will open in 2017 in Madrid, Spain, and New York City, US.

Cristiano Ronaldo said: "I’m certain that this investment is surely one of the safest deals that I can capitalise on for my future."

He added that the hotels will appeal to modern-day millennial travellers.

The hotel in Madeira, hometown of Ronaldo and Pestana Hotel Group owner and chairman Dionísio Pestana, will be the first to be built under Ronaldo’s CR7 brand.

The JV will be managed and administered by Pestana Hotel Group.

DionísioPestana said: "This joint venture has enormous potential. It also echoes the constant innovation spirit that embodies The Pestana Hotel Group."

With these new hotels, Pestana Hotel Group will own more than 90 hotels in 16 countries.

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Image: Ronaldo partners with Dionísio Pestana of Pestana Hotel Group to launch new hotels. Photo: courtesy of Pestana Hotel Group.