Carlyle Nears Sale of Luxury Sintra Resort to L Catterton

The Carlyle Group is nearing the sale of the Penha Longa Resort & Hotel, one of Portugal’s most iconic properties in the hills of Sintra, according to people familiar with the matter.

The US buyout firm is in talks with L Catterton, an investment vehicle backed by French luxury conglomerate LVMH, alongside Cedar Capital Partners, the people said, asking not to be identified because the discussions are private. The estate is likely to be valued at around €140 million ($164 million), two of the people said, reflecting the need for development work and investments in the golf course.