Sonae Capital has sold the Porto Palácio Hotel to the CA Património Crescente fund, of Crédito Agrícola, according to an article today in Jornal Económico.
Crédito Agrícola’s CA Património Crescente fund has acquired the Porto Palácio Hotel, formerly the Sheraton, from a Sonae Capital fund. Managed by Square AM, the Crédito Agrícola fund acquired the building complex, which includes the five-star hotel unit, which has a total area of 48,000 square metres.
The hotel sector has been showing clear signs of recovery after a spate of recent. This week also saw Azora’s acquisition of two five-star hotels in the Algarve for 148 million euros.