Portuguese entrepreneur sells luxury hotel in Gaia for €40M to Spanish fund

Portuguese entrepreneur sells luxury hotel in Gaia for €40M to Spanish fund

The Lodge Hotel, a luxury unit located in Vila Nova de Gaia, was sold by Portuguese businessman Mário Ferreira to a Spanish fund managed by Azora Capital. The deal was closed for about 40 million euros, the same amount that the businessman would have received from the loan to Banco de Fomento, under the Recovery and Resilience Plan, if the credit had not been cancelled, according to Negócios, cited by Idealista/news.

The five star hotel, built on the former warehouses of Real Companhia Velha, is a seven-storey building with 119 luxury rooms, including 50 deluxe units with river views and nine suites. The hotel will open its doors in May 2021.

The owner of the Portuguese TV channel TVI has also already made other sales of the type, such as the Monumental Palace luxury hotel in Porto in 2018 to the French group that owns the Maison Albar luxury hotel chain for €38 million.

Azora Capital has already acquired five luxury units in Portuguese territory - of note being the purchase of Tivoli hotels in the Algarve.

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