521
521
  • Transaction / Assets
    former palace in São Bento area of Lisbon
  • Seller
    Mendia family
  • Buyer
    Selina Group
  • € MM

Selina Group to Invest €13 Million in New Hotel in Lisbon

3 April  2019 – Richard D. K. Turner

The Israeli Selina Group acquired a former palace in the São Bento neighbourhood of Lisbon as part of an effort to develop a new hotel, according to an article in the Jornal Expresso. The group expects to invest a total of €13 million, including the acquisition of the property and its subsequent redevelopment, to build a new boutique hotel in a building that occupies an entire city block.

The property, which was sold by the Mendia family for an unspecified sum, is expected to open in the first quarter of 2020. The 280-bed hotel will have 3,500 square meters of surface area and will include spaces for coworking, yoga, music concerts and art exhibitions.

The Selina Group is already in the process of building the Selina Secret Garden on Beco de Carrasco in the Santos area of Lisbon.  The hotel will consist of 209 beds, a restaurant and a swimming pool.

In total, Selina expects to invest €75 million in Portugal in 2019, including the inauguration of new hotels in Ericeira and Vila Nova de Milfontes, along with a planned acquisition in Gerês, Peniche, for a second unit in Porto.

Original Story: Jornal Expresso – Conceição Antunes

Photo: Tiago Miranda