Cushman & Wakefield (C&W) and JLL announce the conclusion of the structured sales process for the building located at No. 30 Largo do Calhariz, which foresees the transformation of the two iconic palaces that comprise it – the Palácio Calhariz‑Palmela, an emblematic location for Fidelidade and Caixa Geral de Depósitos (CGD), and the Palácio Sobral – into a high‑quality hotel project including branded residences from an international hotel brand. In this transaction, the two consultancies represented Cerberus Capital Management and FS Capital in the sale of the assets to Arab Bank Switzerland (ABS).
The building at No. 30 Largo do Calhariz, in Lisbon, is part of the historic urban context of the area between Bairro Alto and Chiado and is composed of two 18th‑century palaces. Palácio Calhariz‑Palmela has a strong presence over the square and significant architectural value, having demonstrated over the years its versatility and ability to accommodate contemporary institutional uses. The adjoining Palácio Sobral completes the built ensemble, contributing to the unified reading of the block and reinforcing the historical and symbolic relevance of Largo do Calhariz within the city of Lisbon.
According to Gonçalo Garcia, Head of Hospitality at Cushman & Wakefield, “This transaction further establishes the city of Lisbon as a true international tourism destination, both in terms of the volume of investment at a global scale and in the traction obtained among hotel groups that expressed interest in the opportunity represented by this building,” adding that “it was a long process in which it was necessary to ensure, in close collaboration with architect Frederico Valsassina’s studio, the change of use for hospitality purposes, thus validating the expectations of the owner and potential investors.”
Augusto Lobo, Head of Commercial Capital Markets at JLL, states, “Lisbon continues to strengthen its position as a key destination for high‑value institutional real estate investment. We are very pleased to support our client in a highly significant transaction that attracted strong investor interest and reinforces the city’s ability to draw structured operations and pioneering projects aligned with the most demanding international standards."
