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Oitante Sells Hotel Monte Palace
24 October 2017
Açoreano Oriental announced that it sold the Monte Palace Hotel, in Sete Cidades, to Asian investors.
According to an Azorean newspaper, Açoreano Oriental, owned by the holding company Oitante, which took over Banif’s assets that were not included in the sale to Banco Santander Totta during the bank’s liquidation, sold the Monte Palace Hotel in Sete Cidades.
According to the newspaper, the property was sold Asian investors who will continue to use the property for tourism-related activities.
Oitante has been selling assets at a considerable pace. According to the Azorean newspaper, Oitante has been selling Banif’s real estate portfolio in the Azores since 2016. The assets, valued at more than 28 million euros, included the Estalagem Senhora da Rosa and Monte Palace Hotel, both in São Miguel.
The money from the sales will be used to reimburse the Portuguese state for its injection of capital into Banif, according to the report.
In total, Oitante received roughly 1.5 billion euros in assets to sell, namely distressed debts and real estate.
The newspaper reported that Monte Palace, the Azores’ first five-star hotel, was in an advanced state of decay, and was on the market for 1.5 million euros.
The property consists of the hotel and three rustic buildings, in a plot of land having 2,396 square meters and a constructed area of over 13,000 square meters, according to an earlier report by the Azorean newspaper.
Original Story: Jornal Econômico
Translation: Richard Turner