The owner signed the leasing contract with hotel group Staycity, which will manage and operate the hotel, which is still at the design stage and will have 3.918 sqm.
The project development and real estate operation will be carried out by the consortium between Grupo Casais and Kailash Capital Investments.
CBRE’S Hotels & Development team was charged with concluding the deal, on behalf of the seller, whose name was not disclosed.
Clara Sequeira Pinto, Hotels’ Senior Consultant at CBRE Portugal, commented that «Rua da Galeria de Paris is one of Porto’s most iconic areas, not only for its night-life, but also because of its history. It is also a very well-connected street, located near historical references, such as the Clérigos Tower. The conclusion of this deal will provide a new opportunity to a derelict building and contribute towards the street’s rehabilitation while boosting the city’s tourism and hotel segments».
Eduardo Pimenta, Director of Capital Markets at CBRE Portugal’s Porto office, further remarked that «this transaction shows the investors’ confidence in the present and future of tourism in Porto, which will continue to boost the city’s development. It is important to maintain the development of new projects and to value the existing patrimony and recover the dynamic which provided the city’s historic centre a new life».
