An abandoned hotel in the town of Cartaxo, located in the district of Santarém, is now available for purchase at a significantly lower price than many homes in major cities like Lisbon, Porto, and Faro. The property, listed for just €450,000, offers a unique opportunity for investors or entrepreneurs looking to purchase a hotel or redevelopment project in Portugal.

The hotel, part of the Quinta das Pratas municipal complex, first opened its doors in 2002. At that time, João Baião, the popular television presenter and actor, had already sold his stake in the hotel’s ownership company, Oliveira e Baião – Hotelaria e Turismo, to lawyer Cipriano Oliveira. Baião was no longer involved with the property by the time it opened.

According to Jornal de Negócios, the hotel was later acquired by businessman Marcelino José do Patrocínio Gargalo in 2008, who managed it until mid-2014. However, the business took a turn when Gargalo discovered the company was burdened with debt, making it impossible to continue operations. As a result, the hotel closed its doors permanently.

The hotel sits on a 4,000-square-metre plot of land and spans three floors. Two of the floors each contain 15 rooms. Other facilities include a reception area, a bar, a restaurant, a basement for staff rooms and maintenance, and a large multifunctional space previously used as a gym and nightclub. The property is sold as is, including furniture and equipment.

A steep price drop

Despite being abandoned, the hotel remains a valuable asset at its current price point. When the property first entered an electronic auction in 2022, it had an opening bid of €2.14 million. However, no buyers came forward. A subsequent auction later that year reduced the price to €1.82 million, yet again, there was no interest.

Now, listed for just €450,000, the hotel’s price has dropped fivefold in just two years. This dramatic price reduction makes it far more affordable than properties in major cities like Lisbon, Porto, and Faro, where real estate prices are considerably higher.