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Pestana Group Offer 45 Million for Madeira Palácio

The Pestana Group’s CEO, José Theotónio has confirmed that the group have offered 45 million euros for the Madeira Palácio.  If the deal goes ahead, they plan to turn the abandoned hotel into apartments.  However, all this depends on projects financing conditions.   

The Madeira Palácio was acquired by the Enotel Group in 2018, but their project for the space was rejected.

Samantha Gannon

info at madeira-weekly.com

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