hospitality Market News: Spanish Real Estate Intelligence

Hotel Occupancy in the Algarve Falls by 3% in July
12 August 2019 The beginning of the high season in July saw average occupancy at hotels and tourist resorts in the Algarve fall by 3%, year-on-year, according to the Association of Hotels and Tourist Resorts of the Algarve (AHETA). The average per room occupancy rate for hotels reached 82.5% in July. In the year-to-date, hotel receipts have increased by 2.5%, but July saw a slight decrease. The decline in July was ameliorated by an increase in British and Irish visitors. Original Story: Jornal Expresso - Conceição Antunes Photo: D.R. Adaptation/Translation: Richard D. K. Turner
Lux Mundi to Invest €7.5 Million to Convert Quartel do Carmo into a Hotel
12 August 2019 Lux Mundi, a Portuguese hospitality group with a total of eight hotels, will invest €7.5 million to convert the Quartel do Carmo in Horta into a four-star hotel. The group won the public auction to take over, redevelop and operate the asset under a 50-year lease through the Revive program. Two groups participated in the auction. Lux Mundi won by offering an annual rent of 45,500 euros, above the minimum of €39,352. Revive has 33 properties, with tenders being launched for 17. The government has awarded eight to date for a total investment of around €62 million. The next auctions will include the Travanca Monastery (Amarante), Cape Espichel Sanctuary (Sesimbra) and Barra de Aveiro Fort (Ílhavo). Original Story: Jornal de Negócios - Pedro Curvelo Adaptation/Translation: Richard D. K. Turner
W Residences Inaugurated in Algarve
25 July 2019 – Richard D. K. Turner THE W Residences Algarve, a luxury beachfront condominium project on a 250,000sqm beachfront plot of land near Albufeira, was officially launched in May. The project, which Nozul Algarve S.A. is developing, will consist of 95 residences with 134 rooms. The development is slated to open in 2020. W Residences Algarve consists of one-, two-, three- and four-bedroom flats with high-quality fittings, most of which have views of the sea. The project will feature ‘whatever/whenever’ service and instant access 24-hour concierge, round-the-clock in-room dining, laundry and dry cleaning services. W Hotels and W Residences is a brand owned by the luxury hotel chain Marriott International with the W Hotels generally marketed to a younger age group than their other upscale properties. Original Story: Portugal Resident