The transaction was conducted by Athena Advisers, representing the buyer, and CBRE, acting on behalf of the owners, in the sale of the boutique hotel Pensão Agrícola, located in the Tavira region. The small rural hotel will now become the holiday residence of a Californian family while continuing to operate as tourist accommodation. The investment value was not disclosed.
Acquired by the hotel group GUPA – initially formed by Rui Liberato de Sousa and Nuno Ramos, the hotel, since its opening in 2015, has been featured in several prestigious publications such as Condé Nast Traveller, Vogue, Monocle, and Wallpaper. It offers six suite-type rooms, three of them in the main house and the rest newly built in the former stables and annexes of the farm originally constructed in 1920. In total, the property covers 1 hectare of construction area and surrounding orchards.
The group owns two hotels that are very similar to each other, including Pensão Agrícola and Hospedaria, both located in the heart of Tavira. The group also owns a 16th-century mansion in the center of the historic village of Mértola, with plans to develop a third hotel following the same concept as the previous ones.
According to the statement sent to Brainsre News Portugal, after the sale of the property, the company underwent internal restructuring, and the current holder of the entire Group (including the registered brand Pensão Agrícola), Rui Liberato Sousa, plans to expand the future of the hotel group with the initiation of new projects. The new owners will now use the property as a family residence during their stay in Portugal, while also continuing to operate it as tourist accommodation with a country house concept.
According to David Moura-George, Managing Director of Athena Advisers Portugal, “We are very pleased with the completion of this deal and that we were able to meet our client’s expectations, who were looking for not only a pure income product but also an investment that would allow them to spend time in Portugal with their family. Together, we looked at this fantastic boutique hotel in the eastern Algarve and understood all its potential for the purpose they intended. This proves that Americans, especially Californians, continue to be very attracted to Portugal and our real estate, with a movement of these buyers to other regions of the country, beyond the usual cities of Lisbon and Porto.”
For Duarte Morais Santos, Head of Hotels at CBRE Portugal, “It is true that the investment market tends to seek larger units with different characteristics, but when faced with this remarkable property with a unique concept developed by its owners, we had to look for the best market placement strategy. It is a unique and special product, and it was necessary to find a niche market that recognized the value of “personal use” combined with tourist exploitation. Thus, through the partnership with Athena, it was possible to find an ideal buyer profile, ensuring a successful transaction and beneficial for all parties involved.”
Located between the city of Tavira and Cacela Velha, just 1.5 km from the beaches of Ria Formosa, the small rural farm hosting the boutique hotel Pensão Agrícola was once owned by the Silva Gomes family, who built it as a wedding gift for their only daughter and maintained agricultural activity until 1970.
The renovation project preserved the memories of those times by recovering old furniture, photographs, clothing, and books, which integrated the discreet and contemporary luxury that the “modest” name “Pensão Agrícola” does not reveal.
The boutique hotel will remain open and in operation until October of this year.
Read the original article: https://portugal.brainsre.news/investidores-californianos-adquirem-boutique-hotel-pensao-agricola/
