Portuguese holding company The Fladgate Partnership has sold the historical five-star hotel Infante Sagres in downtown Porto to Asian investment group Gaw Capital.
Originally opened in 1951 and reopened in 2018 following extension restoration and renovation, the Infante Sagres was the first luxury hotel in Porto, located in Praça D. Filipa de Lencastre, on the doorstep of many of the city's attractions.
The buyer already owns the nearby five star hotel InterContinental Palácio das Cardosas.
The value of the deal was not revealed due to confidentiality agreements.
Adrian Bridget, CEO of The Fladgate Partnership stated: ‘It was necessary to look at the balance sheet and take a responsible stance after two years of pandemic and accumulated losses.’
The sale comes after the company invested over €100 mln in the World of Wine complex in Vila Nova de Gaia, consisting of six museums/experiences, ten restaurants, a wine academy, a cooking school and shops.
At the same time, The Fladgate Partnership announced plans to build a new five-star luxury hotel on the site of old warehouses on the Vila Nova de Gaia waterfront, with a direct view of the Ribeira River and the Luís I Bridge.
Budgeted around €30 mln, the yet unnamed hotel will have 85-90 rooms and should be completed in two years.
It will join the company’s two existing hotel properties - The Yeatman Hotel in Porto and the Vintage House Hotel in Pinhão.
Besides hotel interests, The Fladgate Partnership owns port wine brands Taylor’s, Croft and Fonseca, and is active in the distribution sector.
