Real Madrid star Cristiano Ronaldo announced on Tuesday he will invest over 37 million euros (about 40 million US dollars) in 'CR7' hotels.

Ronando will cooperate with the Pestana Hotel Group, the biggest hotel group in Portugal, which planned to build hotels bearing Ronaldo's 'CR7' moniker in Funchal, Lisbon, Madrid and New York.

Ronaldo, who has a 'CR7' fashion line, has had his image used by many other brands.