hospitality Market News: Spanish Real Estate Intelligence

Portugal Hosts 3.3 Million Visitors in August
14 October 2019 The number of tourists who visited Portugal in August exceeded three million for the second year in a row as a total of 3.3 million people visited the country. Those visitors stayed an average of 2.88 days for a total of 9.5 million overnight stays, according to Portugal’s National Institute of Statistics. In total, more than 18 million tourists have visited Portugal in 2019, 1.2 million more than in the same period last year. Total sector revenues grew to 630 million euros (+6.4%) while average income per available room also increased to 84.4 euros. The occupancy rate, however, fell by 1.9 points to 68.3%. Original Story: Dinheiro Vivo - Ana Sanlez Photo: Gerardo Santos / Global Imagens Adaptation/Translation: Richard D. K. Turner
A Series of New Planned Projects Will Transform Lisbon’s Riverside
8 October 2019 – At least 33 major public and private projects are planned for metropolitan Lisbon over the next decade, involving a total investment of some 3 billion euros. The new projects include urban parks, squares, new tram lines, marinas, research centres, museums, monuments, new and renovated housing, stores, office parks, hotels, congress centres and start-up hubs. Lisbon’s riverfront will be thoroughly reshaped by the construction. Some of the new developments include the Ocean Campus Portugal, between Pedrouços and Cruz Quebrada, in Oeiras and a new project for World Youth Day 2022, between Parque das Nações and Bobadela, in Loures, for the upcoming Papal visit. The following are some of the projects planned for the coming decade:
  1. Cancer research and treatment facility
A €100-million cancer treatment and research facility is planned for the riverside area in ​​Bobadela, in Loures. The new facility is expected to attract doctors, scientists, students, technicians and other highly-qualified professionals. The project also includes a residential development and an urban park, open to the public.
  1. World Youth Day 2022
The Catholic Pope is set to visit Lisbon, in an event that is expected to attract 1.5-2 million visitors. The municipal government will prepare the site, which is between Parque das Nações and Bobadela. After the event, the site will be transformed into an immense urban park, with a bridge over the Trancão river and a bicycle and pedestrian path connecting Loures to Lisbon.
  1. Exeo Office Campus
A huge office park with enough space for 7,000 professionals will be built near the Gare do Oriente, in Parque das Nações. A total of €150 million will be invested in the development and completion is planned for 2021.
  1. Martinhal Residences
The Martinhal group will invest €130 million to build the new headquarters of the insurance group Aegeas (ready in 2020), along with the Martinhal Residences, a luxury residential complex with 150 flats and a hotel in Parque das Nações.
  1. Matinha
VIC Properties, which is developing the Prata Riverside Village, has already announced that it would build another 2,000 flats in Matinha, Marvila, on the grounds of a former petrochemical facility. The new development will also include a hotel, stores and offices, along with an expansion of the East Riverside Park.
  1. Prata Riverside Village
The Prata Riverside Village is a large luxury residential complex under development in Braço de Prata, where VIC will invest a total of €450 million in 700 flats.
  1. Beato Creative Hub 1
Nineteen buildings on the southern wing of the former Military Maintenance grounds, next to Avenida Infante D. Henrique, are being transformed into a 50,000-m2 area to house technology firms, startups, cultural activities, a museum, creative industries and restaurants. Total investments are expected to reach €55 million.
  1. Lisbon Congress Center
The Hotel Hyatt Regency Lisbon, which involves an investment of € 70 million, will be completed by 2020. The 5-star hotel will have 200 rooms and an events space. Original Story: Economia Online - Alberto Teixeira Adaptation/Translation: Richard D. K. Turner
166 New Hotel Projects Licensed in Portugal in First Semester of 2019
8 October 2019 – Investors in the Portuguese hospitality sector are increasingly enticed by the country’s growing international recognition. Twenty-seven million tourists are excepted to visit Portugal by the end of the year, bringing record revenues of 17 billion euros. In response to the growing demand, developers applied to license 166 new hotel projects in the first six months of the year, an increase of 23% over the same period of 2018, according to Confidencial Imobiliário (CI). The two major cities of Porto and Lisbon were the targets of the largest number of new hotel developments. Eighteen new tourist developments are planned in Porto. The hotels will have an average area of ​,​2374 square meters, including seven hotels with four or more stars and 11 with three or fewer stars. Developers applied for licensing for 13 new hotels in Lisbon in the first semester. The hotels will have an average area of ​​3,180 square meters, including two hotels with four or more stars and the eleven with three or fewer. Four hotels are to open in Vila Nova de Gaia, one of which is the largest such investment in the semester: a renovation with an area totalling 35,670 square meters. Original Story: Diário de Notícias - Sónia Santos Pereira / Ana Margarida Pinheiro Photo: Pedro Correia / Global Imagens Adaptation/Translation: Richard D. K. Turner