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All Market News: Spanish Real Estate Intelligence

PortoBay Flores, Porto’s Latest 5-Star Hotel, Opens on Rua das Flores
10 September 2019 A new 5-star luxury hotel, the PortoBay Flores, opened last week on one of Porto’s most well-known pedestrian streets, the Rua das Flores. The hotel is PortoBay’s second in the city after it also acquired the Hotel Teatro, now known as PortoBay Hotel Teatro, at the end of last year. PortoBay Flores has 66 rooms and suites, a spa, indoor pool, gym, restaurant, street-facing bar, garden patio and meeting space. Original Story: Economia Online - Fátima Castro Adaptation/Translation: Richard D. K. Turner
 
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
 
Merlin Properties Acquires Nestlé’s Headquarters in Portugal for €12.5 Million
10 September 2019 Merlin Properties, a Spanish socimi which has a portfolio of approximately €1 billion in assets in Portugal, has acquired Nestlé's headquarters at Rua Alexandre Herculano 8, in Linda-a-Velha for 12.5 million euros. MPEP, a Portuguese subsidiary of Merlin Properties, acquired the property in a sale & leaseback operation, in which the Swiss company will remain in the building with a 12-year lease and a break-option at the end of the seventh year. The property, inaugurated in 1994, was originally designed to accommodate 450 people. Nestlé's continued growth over the past three years, especially with the launch of two shared service centres - Nestlé Business Services Lisbon and Nespresso Global Supply Chain Hub – means that it now needs to accommodate roughly 1,000 people. Merlin intends to invest in a complete transformation of the property into what will be known as the Nestlé Campus. Original Story: Economia Online - Rita Neto Adaptation/Translation: Richard D. K. Turner