SALE OF TWO HOTELS IN AVENIDA DOS ALIADOS SETS A RECORD

SALE OF TWO HOTELS IN AVENIDA DOS ALIADOS SETS A RECORD

 

The Hotel InterContinental Porto Palacio das Cardosas and the hotel under construction in the old Pensão Monumental will be in a final phase of sale for values that set new records in Portugal, around the €500,000 per room.

The InterContinental Hotel operates the well-known Palacio das Cardosas, owned by an investment vehicle that is associated with the businessman Godinho Lopes, who will be selling this asset for a value between €50 and €55 million, which approximates the value per room to €500,000.

Market sources identify the buyer from Hong Kong and as a large international fund with assets in Asia, the USA and UK and which is now making its debut in the Iberian Peninsula.

The old Pensão Monumental is in the final phase of construction and is owned by the Group of businessman Mário Ferreira. The sale operation is being completed to a French group that will be paying near € 40 million for the new five-star hotel, which, for a reference of 76 rooms, places again the transaction price close to the €500,000.

Market professionals contacted by Vida Imobiliária differ in the analysis of these operations, which set the record value of investment per hotel room, pulverizing previous hotel transactions in Lisbon or the Algarve, which even in the previous cycle had never been near these value references.

Another perspective is the distinct moment that the market of luxury hotels of Porto lives at the moment, allowing rates around €300 to €400. In a survey of Booking.com, made by Vida Imobiliária for the InterContinental Porto Hotel - Palácio das Cardosas, for the night of July 10, the rate presented is €326. With these values per room and an occupancy rate between 80% and 90%, the investor ensures a rate of return of close to 6%, which corresponds to an attractive return for a large international fund.

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