Located on Avenida dos Aliados, opposite Praça da Liberdade, the 76-room hotel was developed by Portuguese businessman Mário Ferreira's group, which sold it to the Paris Inn Group in 2019 for €40 million, setting a new record for the sale price per room in Portugal at over €500,000.
Although the value of the sale has not yet been disclosed, Iberian Property knows that this asset had been on the market for several months and that it was a highly anticipated hotel investment transaction, as it was being negotiated for around €750,000 per room. If confirmed, this would set a new maximum sale price for a hotel in the city.
The hotel was previously operated by the French company Maison Albar Hotels. From now on, the establishment will become part of the H10 Hotels urban luxury brand, under the name The One Monumental Palace.
In this landmark transaction, H10 was advised by Vieria de Almeida, while the sellers were advised by Rothschild & Co as financial advisor, with the support of law firms Cuatrecasas and Gide, and KPMG for transaction services.
"With this acquisition, H10 Hotels strengthens its presence in the urban luxury segment, opening its fourth establishment under The One Hotels brand in a destination where it did not yet operate. This hotel joins The One Palácio da Anunciada in Lisbon, The One Barcelona and The One Alma Paris," the company said in a statement.
Housed in a neoclassical building dating from 1923, the hotel has 63 rooms and 13 suites, as well as a Michelin-starred restaurant, a 350 sqm luxury wellness spa centre and three event rooms.
