European real estate investment and asset management firm Catalyst Capital has acquired the Diplomático Hotel in the Portuguese capital of Lisbon.
Financial details were not disclosed.
Lisbon-based Bond Advisory represented the sellers.
Catalyst Capital acquired the asset on behalf of its Catalyst core plus European property fund (CCPEPF).
The Diplomático Hotel is centrally located at Rua Castilho 74 in Lisbon’s prime district, steps from Praça Marquês de Pombal and Avenida da Liberdade. Originally completed in 1969, Hotel Diplomático has never traded, and has held the same ownership for its 52 years.
Ricardo Videira, co-founder of Bond Advisory, said: 'Catalyst Capital is an industry leader, and we are happy to have collaborated with them on such a significant transaction.
'With its city center location, the hotel is ideally positioned for business, transient, convention and leisure business.
'Additionally, this asset provided the opportunity for the buyer to add value by undertaking redevelopment plans. All of these factors made the hotel a highly attractive opportunity for Catalyst Capital.'
Nuno Marques Ribeiro, CEO of Bond Advisory, added: 'All parties were determined and patient; allowing this transaction to be concluded in spite of the pandemic.
'The understanding of the intricacies of the Portuguese market for investors is becoming a fundamental factor in the success of a transaction.
'Finding and structuring deals is becoming more challenging - with a great number of assets still owned by individuals and families – making it decisive and necessary for the advisors involved to have an incisive approach from the beginning and Hotel Diplomático was as an example of this in practice.'