Portuguese bank Credito Agricola has acquired a building complex in Porto, Portugal’s second largest city, that includes the 251-room Porto Palacio Congress Hotel & Spa, from Portuguese investor Sonae Capital for a total price of €62.5 million. The acquisition, which was made on behalf of their CA Patrimonio Crescente fund, includes two office buildings with a combined floor area of some 16,264 sqm. The five-star hotel, located on Porto’s Avenida da Boavista, has a total area of some 31,087 square meters. In early 2019, when a potential sale was first mooted, Sonae reported a total value for the entire complex of €70 million, of which the hotel accounted for just under half. On that basis, the hotel would reflect an indicative value of around €120,000 per room based on the price paid by Credito Agricola for the entire complex.