Cristiano Ronaldo’s Pestana CR7 hotel chain under threat. The economic impact of the coronavirus has left uncertain future.
The impact of the coronavirus pandemic on the hospitality industry has left Juventus and Portugal star Cristiano Ronaldo’s chain of hotels facing an uncertain future.
In partnership with Dionisio Pestana, the head of the Pestana Hotel Group, Ronaldo currently owns two hotels: one in Funchal, his hometown on the island of Madeira, and another in the Portuguese capital, Lisbon.
However, the Hotel Pestana CR7 Funchal, the first of the establishments to be opened, has now been closed for several months, amid an 80% drop in tourism on Madeira as a result of the covid-19 pandemic.
Meanwhile, the Hotel Pestana CR7 Lisboa has suffered such a decrease in demand that it has been forced to almost halve its regular nightly room rates, from 150 euros to 77 euros.
Credit: AS English