Sale of hotel Aqualuz concluded for €20.65M

Sale of hotel Aqualuz concluded for €20.65M

The news of the deal between the two parties had already been announced on the 3rd of November, but the sale was only concluded now. According to consultant JLL, which represented Sonae Capital on this transaction, the deal was concluded on the 18th of November (this Wednesday), and the sale was carried out through one of Sonae Capital’s affiliates: Bloco Q – Sociedade Imobiliária, S.A.

At the beginning of the month, Sonae Capital advanced that this operation «fits Sonae Capital’s strategy to sell non-core assets, seeking to boost the growth of its portfolio and maintaining a capital structure appropriate for the type of businesses and assets owned by the group». The estimated impact this sale will have on Sonae Capital’s own capitals is approximately 1.9 million euro.

Karina Simões, Head of Hotel Advisory for JLL in Portugal, commented in a release that «this is a very well-located unit, with a solid operational track record and which maintains a prestigious operator». She further added that «its sale shows that, regardless of a more cautious approach due to the uncertainty concerning the tourism segment, investors maintain their interest on the hotel segment and that there continue to be good opportunities, even under the current situation».

This asset will continue to be operated by SC Hospitality, Sonae Capital’s hotel management business subsidiary.

Aqualuz – Suite Hotel Apartamentos has 4 stars and a total of 30 studios, 10 standard suites, 129 single room suites and four family suites. It also features 4 swimming pools, a spa with massage services, a restaurant and bar, hairdresser and other facilities.

JLL recalls that there are currently on the market a total of 4 Portuguese hotel units with operator. The opportunity pipeline «remains active, despite the expected pause on transactions forecasted for this year», guaranteed the consultant.

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