When it comes to intelligence off the field, footballers are not known for their astuteness. This is especially the case as far as financial matters are concerned.

However, some soccer stars are making impressive investments. Ronaldo is one of such players and he has global ambitions

Ronaldo is following other sports stars who have invested in hotels, including tennis player Andy Murray and soccer’s Gary Neville and Ryan Giggs.

This project is the fifth hotel under the Pestana CR7 brand - a trademark combination of Ronaldo’s initials and jersey number.

“It is a brand that will grow ... In the next three to five years we will quickly double the number of the hotels,” Roquette told reporters, mentioning Ibiza and Milan among possible locations.

Pestana is also opening a separate 4-star hotel in Marrakesh and hopes to expand further in the north African country.

Speaking to Reuters, Pestana CEO stated that in December the joint venture should help open new markets in Asia and the Middle East, where Ronaldo is extremely popular, as well as reinforce its expansion into Spain and the United States.

Ronaldo and Pestana will open two hotels this year in Madrid and New York, having already tested the market at home in Portugal, which is enjoying a tourism boom, with an initial two hotels - in Madeira and Lisbon.