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London-based real estate investment firm Catalyst Capital has acquired the 95-room Diplomatico Hotel in Rua Castilho in Lisbon from a family office for €14.75 million (€155,000 per room). The acquisition marks Catalyst’s first purchase as part of its €250 million European hotel investment strategy on behalf of its Catalyst Core Plus European Property Fund (CCPEPF), a €1.3 billion evergreen real estate fund. The 4-star boutique hotel is to receive €9 million of comprehensive refurbishment, starting next year and ending in 2023, after which it is to be operated by Staycity under their Wilde Aparthotels brand. The 25-year lease agreement contains annual, inflation-linked rent uplifts.
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