The €5 million price was offered in a sealed bid auction, won by a developer registered in Braga but well known in the Algarve.

The opening of bids, under the terms of the poorly promoted public tender, was held on 1 June in the Council offices.

Mayor António Pina said this sale is, “a further step towards the modernisation and upgrading of the Olhão’s Ribeirinha Front.”

According to the Council, after the bids were opened, and “once all the documentation had been verified, the committee decided to award the sale to Cenparque Imobiliária, Lda., which has presented a proposal of €5 million.”

This lot by the Real Marina Hotel & Spa, has permission for a 6,000 m2 building on a construction area of ??17,500 m2.

The final sale will go through towards the end of 2019, according to the Council.

There will be few local complaints as residents are more interested in the preservation of the historic centre that in new hotels or apartment blocks on the outskirts of the city.