Crédito Agrícola buys Porto Palácio for €62M

 In Asset Management, Banks, Hotel, News, Tourism

Crédito Agrícola has bought Porto Palácio Hotel from Sonae Capital for €62.5 million.

Sonae Capital sold the hotel to the fund CA Património which is held by Crédito Agrícola. The hotel used to be the Hotel Sheraton.
The Crédito Agrícola fund which is managed by Square AM, acquired the complex of buildings which includes the 5-star hotel unit, covering 48,000m2.
Portugal’s hotels segment has seen some big ticket transactions such as the sale of two Tivoli hotels in the Algarve by the Thai group Minor to the Spanish group Azora for €148 million which was announced last week.
Sonae Capital has changed its strategy for hotels in the wake of the pandemic. As reported by business title Negócios in June, the hotel projects that it is operating in Porto: Porto Palácio – now sold, The Artist and The House, the Aqualuz Tróia and Tróia Residence on the Troía Peninsula, and the Aqualuz Lagos will now become part of The Editory Collection Hotels brand.
The Sonae holding which also runs fitness, energy, real estate and industrial engineering businesses is headed by Paulo Azevedo, chairman and Miguel Gil Mata, executive president, will increase its hotels portfolio in Lisbon in October.
It will open The Editory Riverside Santa Apolónia hotel in a 12 million investment. The hotel will be in the Santa Apolónia Station and Sonae as a concession licence from Infraestruturas de Portugal to operate the hotel on a 35 year lease.
Sonae has a new hotel interest In Porto which will open in 2022, The Editory Boulevard Aliados Porto, which is a boutique hotel with 68 rooms in a project that involved an investment of €1.2 million, again on a concession lease contract basis.