hospitality Market News: Spanish Real Estate Intelligence

Hoti Stars to Convert the Palacete dos Condes into a 4-Star Hotel
4 April 2020 The São João da Madeira city council has unanimously approved granting a 50-year concession to operate the Palacete dos Condes Dias Garcia to Hoti Star Hotels in a meeting held last week. In return, Hoti Hotels agreed to renovate the property, turning it into a four-star hotel, and pay an annual rent of 30,528.00 euros. The Brazilian-style manor, which was built at the end of the 19th century, was constructed by António Dias Garcia, a native of the area who made his fortune in Brazil. The property, which has been unoccupied for the last thirty years, will undergo a 4-million-euro renovation and open in mid-2022. The manor is one of the 16 properties in the second phase of the Portuguese government’s Revive program. Original Story: Labor.pt - Diana Familiar Translation/Summary: Richard D. Turner
Revive Grants Concessions for Two New Hotels
27 March 2020 The Portuguese government announced that it had granted a 50-year concession to rehabilitate and operate the Monastery of Lorvão in Penacova, which was founded in 878 shortly after the Christian reconquest of Coimbra. Imobimacus, a subsidiary of the Hotéis Turim Group, would the auction for the concession, its second, after taking over the Paço Real de Caxias, in Oeiras. The firm will invest approximately 6.9 million euros in redeveloping and converting the property into a hotel, paying €40,000/year in rent. The Revive program also announced that it had granted another concession, this time to the Palace of Conde Dias Garcia, in São João da Madeira, to Hoti Star. Hoti agreed to pay an annual rent of 30,528.00 euros and will also rebuild and convert the property into a 4-star hotel, in an investment estimated at 4 million euros.” The Conde Dias Garcia was built at the end of the 19th century by António Dias Garcia. Original Story: Dinheiro Vivo - Ana Laranjeiro Translation/Summary: Richard D. Turner
Atalaya La Tejita Looks to Acquire the MadeiraShopping
17 March 2020 According to a note by the published by Portugal’s Competition Authority, Atalaya La Tejita, which is controlled by the Mazabi Group, is seeking to acquire the MadeiraShopping. The shopping center, which is located in Funchal, opened in March 2001 and has a surface area of 26,600 square meters. The shopping mall consists of more than one hundred stores and 1,060 parking spaces. Atalaya specializes in the development and management of shopping centers. Original Story: Economia Online Translation/Summary: Richard D. Turner