The investment management company ECS has just announced the purchase of the B&B Montijo hotel, until now owned by a joint venture between Sunny and Casais.
The hotel opened its doors in 2021. It consists of 112 rooms, a breakfast area and a meeting room, totalling 4,200 square metres of gross floor area, spread over 4 floors above ground, plus a basement level with parking.
The unit is leased to the B&B Hotels group, a player in the hotel sector based in France. This is Europe's fastest-growing hotel chain in the economy segment. It currently operates more than 720 hotels in 15 countries, 12 of them in Portugal.
In this deal, CBRE acted on behalf of Sunny/Casais. Duarte Morais Santos, Head of Hotels at CBRE, commented in a press release that "the B&B proved to be an interesting business opportunity due to its location in the centre of Montijo, an area that is renowned not only for its residential area, but also for the presence of various companies and industries in different sectors".
He believes that "this transaction will reinforce the dynamisation of the area and the continued interest of investors in doing business in areas close to large cities and which have great development potential. CBRE is very proud to see the dynamism of this sector and to see the potential of assets outside the main centres of reference, such as Lisbon, Porto and the Algarve."
SRS Legal was involved in this deal, advising ECS. Neuza Pereira de Campos, the partner in charge of SRS Legal's Real Estate Department, led a multidisciplinary team in this transaction with the participation of João Santos Carvalho (partner - Banking and Finance) and José Pinto Santos (associate - Real Estate). "It's an operation that fits in perfectly with our client's strategy, which involves investing in assets in good locations, with quality construction and long, sustainable leases. We believe that the advice provided in this transaction is yet another success story that reinforces our track record in the property area," said Neuza Pereira de Campos in a statement.