Portugal: Credito Agricola has acquired a building complex in Porto which comprises the Porto Palácio hotel and two office buildings from Sonae Capital.
The purchase, made on behalf of the CA Patrimonio Crescente fund, totalled €62.5 million.
When a potential sale was first mooted in 2019, Sonae reported a €70 million value for the entire complex. The hotel accounted for just under half of this.
Located on Avenida da Boavista, the five-star, 251-room hotel features a restaurant, bar, 11 meeting rooms, a congress centre and spa.
In response to the pandemic, Sonae Capital introduced an aggregator brand The Editory Hotels of which Porto Palácio falls under. Overall, the collection comprises nine hotels across four locations in Portugal.
These include The Editory Riverside in Lisbon, the Aqualuz Troia Lagoa by The Editory in Comporta, and Aqualuz Lagos by The Editory in the Algarve.
The Editory Boulevard Aliados Porto, a 68-room boutique hotel, is expected to open in April 2022.
Further information about The Editory Hotels can be found here.