Portuguese investment company Sonae has sold the Aqualuz hotel in Lagos, Algarve, to the Imofomento real estate fund, for 20.650 million euros, local newspaper Expresso reported on Thursday.
The sale of the hotel took place on November 18, and its management continues to be in the hands of Sonae Capital’s hotel business, SC Hospitality.
The four-start Aqualuz hotel has 177 apartments and suites, four swimming pools, a spa, a restaurant and a bar.
The sale of the hotel to the Imofomento real estate fund was advised by real estate company JLL, and according to its hotel consultant Karina Simões, the transaction proves that “despite increased caution due to strong uncertainty in the evolution of tourism, investors remain interested in the hotel sector and there are still good opportunities even in the current context. ”