Real estate firms Sierra and PGIM to forma hospitality joint venture. Financial terms were not disclosed. “The hotel leisure market has long been a fundamental sector for the Iberian economy. Portugal is a top-Southern European hospitality market, attracting a growing international demand, with significant upside to be captured if the quality of supply is upgraded to meet the international demand requirements. In the current environment, investors look for value accretive, inflation hedged and cash-flowing investments to deliver attractive returns. Our strategy aims to consolidate local players and improve the quality of the offering to guests. Our partnership with Sonae Sierra and IHSP and the acquisition of the first hotel in Porto, endorses our positive outlook for the area and the strategy deployed," Nabil Mabed, PGIM Real Estate Head of France, Spain and Portugal.