The notified operation consists of the acquisition, by Explorer Hospitality Fund I (“Hospitality Fund I”), of the exclusive control of J. A. S. E. - Joaquim, Afonso & Salvador - Empreendimentos Turísticos Ltda (“JASE”) and, indirectly, of the “Douro Royal Valley Hotel & Spa” (“Douro Royal Valley”) and “Douro Palace Hotel Resort & SPA” (“Douro Palace”), through a vehicle company.