Cristiano Ronaldo and Dionísio Pestana launch joint hotel venture

Footballer Cristiano Ronaldo and Portuguese hotel group Pestana have announced a joint partnership to launch four boutique hotels with a total investment of £55m.

Dionísio Pestana, owner and chairman of Pestana Hotel Group, and Ronaldo, who both come from Madeira, will co-own the hotels in Lisbon, Madrid, Funchal and New York. The hotels are expected to open in the next two years, each with 100 rooms, and will be managed by Pestano. Ronaldo's CR7 brand will be the main inspiration behind the four hotels.

Pestana Hotel Group has one property on the UK, the four-star Chelsea Bridge Hotel & Spa in London , which opened in 2010.

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

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

The first hotel is scheduled to open in summer 2016 in Funchal's harbour, on the island of Madeira. It will be followed by Lisbon in late 2016. Madrid and New York are due to open in 2017.

With these new openings Pestana Hotel Group will grow to more than 90 hotels in 16 countries. The group's first hotel opened on Madeira in 1972.

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