Carlyle Group is nearing the sale of the Penha Longa Resort & Hotel in Sintra to L Catterton and Cedar Capital Partners, according to Bloomberg sources.

The estate is expected to be valued at around €140m, or $164m. The price reflects the need for further development work and investment in the property’s golf course.

Discussions remain ongoing, and no agreement has been finalised. Representatives for Carlyle, L Catterton, and Cedar Capital declined to comment.

Carlyle acquired the resort in 2018 in a transaction that valued the asset at about €120m. The property is one of Portugal’s most high-profile hospitality assets and is widely known for its Ritz-Carlton hotel in the hills of Sintra.

The estate has also hosted the European Central Bank’s annual policy retreat, drawing international attention to both the venue and the region.

The palazzo-style resort sits within a protected natural park and is operated by The Ritz-Carlton, part of Marriott International. It comprises 204 rooms, apartments, and luxury suites. Amenities include a wellness centre, tennis and padel facilities, and a championship golf course designed by Robert Trent Jones Jr.

The potential transaction comes as Portugal continues to benefit from strong tourism momentum. Tourism revenue likely reached a record €30bn in 2025, according to Turismo de Portugal.

The deal underlines growing private equity interest in European luxury hospitality assets, particularly in markets with limited supply and resilient high-end demand.

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