Ronaldo plans to add a £43 million block of 88 apartments to his impressive real estate portfolio.
With a new real estate project on his home island of Madeira, CRISTIANO RONALDO plans to increase the size of his already sizable business portfolio.
The 37-year-old is expanding on his partnership with hotel group Pestana with a £43 million apartment complex. He is currently jobless after parting ways with Manchester United.
The residential apartments will be built on land owned by Ronaldo in Praia Formosa, next to the seven-story structure that is a part of his real estate company and is home to his mother Dolores Aveiro, and older brother Hugo.
the building,
The 88-apartment building will be known as Pestana Residences CR7. Around May of next year is when construction work is anticipated to begin.
The plans were revealed in an interview with a Portuguese business paper by Dionisio Pestana, the head of the Pestana Hotel Group, which already runs five CR7 branded hotels as part of a collaboration with Ronaldo.
In Madeira and the rest of Portugal, further apartment buildings are anticipated to be built if the Praia Formosa project is successful.
Although Mr. Pestana informed Jornal de Negocios that he had not ruled out expanding outside of Portugal, he stressed that the company was now concentrated on the mainland and Madeira even if it has also established a project in the Azores.
"For the time being, we'll start with this one in Praia Formosa, see what happens, and assess the impact."
Since their collaboration began six years ago, Ronaldo and Pestana have only ever worked on hotels.
The five-time Ballon d'Or winner first introduced a line of lifestyle goods under the CR7 brand before making a hotel investment.
Additionally, he owns several hair salons, including two in Porto and one in Valencia, a city on the east coast of Spain.
Bold statements on goals for "global supremacy" were made when Insparya, formed by Ronaldo's business partner and firm CEO Paulo Ramos, opened in Valencia in March.
At that time, Mr. Ramos stated: "
The opening in Valencia is a significant turning point for our leadership in Spain and a further step in our commitment to global expansion and industry leadership.
"Insparya architects completely conceptualized and created this clinic from the ground up, and we are quite proud of the end product."
A few weeks after Cristiano's sister Elma Aveiro announced the closing of the Madeira clothing company bearing his name, the clinic was established.
After operating the store in the island's capital, Funchal, where she is based for 15 years, the mother of one acknowledged that it was a difficult decision to make.
Even though this is not the first store the footballer's family has closed in recent years, Elma, one of Cristiano's three siblings, indicated the decision was influenced by her hectic schedule.
A restaurant in Madeira was shut down last year, while the Vilamoura CR7 clothing store on the Algarve shuttered its doors in 2020 due to weaker-than-anticipated sales, leaving the Madeira location as the sole remaining CR7 location.
Another store owned by Ronaldo in Lisbon's Park of the Nations neighborhood has also been vacant for a while.
Gyms are among the soccer star's non-sporting business pursuits.
While his business endeavors off the field continue to be lucrative, his football career's future remains questionable.
The father of five has been linked to a huge £173 million-per-year move to Al Nassar in Saudi Arabia, but he currently lacks a job as a result of an explosive interview with Piers Morgan that caused the Premier League team and the superstar to part ways mid-season.
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