According to a notification made to the Competition Authority, Capital Elements bought all of Grande Buganvília – Projectos e Actividades Hoteleiras e Imobiliárias Turísticas, S.A., which is currently owned by Flitptrel Portugal, S.A.

According to ECO, the Competition Authority “received, on June 14, 2023, prior notification of a merger between companies”. Capital Elements is part of the Arrow group and indirectly part of the TDR group.

Arrow has businesses in Portugal, which essentially correspond to the management of overdue and doubtful debts and real estate investments, through Norfin and White Star. It is also dedicated to operating tourist accommodation developments in the Algarve and Madeira regions and golf courses in the Algarve and Lisbon.

The TDR group, in Portugal, corresponds, essentially, to operating platforms for used vehicles and education and training activities.

This will be the second major operation carried out this year by Capital Elements in the hotel business, after notifying the Competition Authority in February about the purchase of Saviotti – Empreendimentos Turísticos, which owned the eight Dom Pedro hotels and five golf courses. The transaction received the AdC's green light in March.