Hotel Luna Alvor Bay on Auction for €20.2 Million

10 September 2019

As a consequence of the bankruptcy of Landterrasse Real Estate, the building currently operated by the Luna Hotels & Resorts group in Portimão will put be on sale via electronic auction, which will run until October 10.

The 3-star aparthotel, known as Luna Alvor Bay, is located 100 meters from Portimão’s Alvor beach, and is on sale for a base value of € 20.235 million. According to the auction’s rules, however, the property may be sold for as low as 85% of the base bid (€17.2 million).

No bids had been placed as of Saturday, September 7th.

Original Story: Jornal de Negócios – Rui Neves

Adaptation/Translation: Richard D. K. Turner