hospitality Assets News: Spanish Real Estate Intelligence

Marriott to Open New Hotel in Carnaxide in 2021
14 March 2019 The Edge Group and Ceetrus Portugal announced Thursday that Marriott International would open a new hotel in the Cinco (Five) District, a real estate project under development in Carnaxide that will include office buildings, parks, stores and a venue for events. The new hotel will have 110 rooms, a rooftop lounge and other facilities, and will be aimed at the business market. The hotel, like the rest of the Cinco District project, will open in the second half of 2021. The two groups foresee a total investment of 80 million euros, between the acquisition of the property and construction of the business centre. Original Story: Publituris – Raquel Relvas Neto Summary / Translation: Richard Turner    
Hilton Group to Open Five Hotels Over Next Five Years on the Iberian Peninsula
9 March 2019 The Hilton Group is investing in expanding its presence in response to increasing competition in the hospitality industry. The US chain is planning to open five new hotels in Portugal and Spain, in a partnership with the Spanish firm Panoram Hotel Management, which would then manage a total of eight Hilton hotels. Guillermo Perez Palacios, Panoram’s CEO, stated that their goal is open the new Hampton by Hilton hotels within the next four to five years. The two companies have been working together since the Hilton Group returned to Spain for the first time in 40 years when it opened the DoubleTree by Hilton Madrid Prado. Original Story: Economia Online – Rita Lobo Summary / Translation: Richard Turner  
Portuguese Government Plans to Sell Almada Nascente for €2MM
6 March 2019 The Portuguese state is considering plans to sell the Cidade da Água - Almada Nascente, Margueira for two million euros. The project, which is managed by Baía do Tejo, a state-owned firm, has attracted the interest of a number of foreign investors even has doubts have surfaced regarding the sales prices since the project will still face elevated costs with infrastructure and development. The Cidade da Água - Almada Nascente, along with Quimiparque, in Barreiro, and Siderurgia, in Seixal, consist of industrial areas included in the Arco Ribeirinho Sul project, whereby the government is looking to redevelop the region, planning hotels, offices, shops, cultural venues, a marina and an intermodal river terminal.  Baía do Tejo, which is owned by Parpública, is in charge of developing plans for the area, called Lisbon South Bay. Original Story: Publituris Summary / Translation: Richard Turner