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