JLL has advised Mystic Investment on the sale of its luxury hotel development, The Maison Albar Hotels Le Monumental Palace, in the heart of Porto.
The Maison Albar Hotels Le Monumental Palace first opened its doors in Autumn 2018. The luxurious 76-room boutique hotel features a wellness offering complete with spa, swimming pool and fitness suite. The restaurant, run by Michelin-starred chef Julien Montbabut, is complimented by an American cocktail bar and a Parisian style café. The façade of the historic building dates back to 1923, and is a listed historical monument.
The acquisition is the Paris Inn Group's first step outside of France within Europe.
Having won the "European Best Destination" award three times over the past years, Porto is an established tourism destination that will continue to gain visibility as a tourism hotspot.
Patrick J Saade, co-head European Transactions in JLL's Hotels & Hospitality Group, said:
"Mystic Investment has played an important role in positioning Porto as a global tourism hub. The sale of the hotel confirms it has succeeded, and shows a conscious move for cross-border investment in the city. Paris Inn Group, is in the process of rolling out the Maison Albar brand globally and we are pleased to have helped on its first milestone abroad."