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hospitality Market News: Spanish Real Estate Intelligence

Sonae Capital to Inaugurate New Boutique Hotel in Porto
25 February 2020 Sonae Capital has signed a contract to develop a new hotel on Porto’s Avenida dos Aliados, which the firm expects to inaugurate the hotel during the first half of 2021. The 70-room hotel will have a bar, restaurant, meeting rooms, an outdoor pool, and a gym. The firm currently operates six hotels: three in Porto (the Porto Palácio Hotel, The Artist and The House) and two on the Tróia Peninsula (Aqualuz Tróia and Tróia Residence), south of Lisbon. The last, the Aqualuz Suite Hotel Lagos, is in the Algarve. Original Story: Economia Online Translation/Summary: Richard D. Turner
 
Turismo de Portugal Gives Blessing to 105 New Hotels
12 February 2020 Turismo de Portugal, the country’s national tourism board, has favorably evaluated a total of 105 potential new tourism development projects. The evaluations, which are not required and do not guarantee that any given project will be completed, are nevertheless a clear signal that the hospitality sector is still going strong. Most of the possible new developments will be in and around Lisbon, largely because Portugal’s capital already has some of the highest occupancy rates in the country. With the expansion of the city’s airport capacity, market watchers only expect the influx of visitors to increase.   The potential new developments would be added to the country’s 4,514 existing units. They would also increase the current number of beds in Portugal from 340,349 to 352,703. Twenty-nine of the new projects are located in Metropolitan ​​Lisbon. Furthermore, fifteen (1,816 new beds) of those are in the municipality of Lisbon itself. The Algarve follows with 23 new projects and 2,000 new beds. The Alentejo stands out as well, with 21 projects and more than 3,200 new beds. Original Story: Jornal de Negócios - Rafaela Burd Relvas Translation/Summary: Richard D. Turner
 
Spain’s Atom Hoteles to Open Three Hotels in Portugal 
12 February 2020 The Spanish real estate socimi Atom Hoteles will begin investing in Portugal this year, potentially opening three new hotels. The firm is looking to diversify its portfolio to investments outside of Spain, its primary focus. At the same time, Atom is also looking to increase its exposure to urban hotels. The fund’s portfolio currently has 64% of its assets invested in leisure tourism, compared to just 36% in urban areas. At the moment, Atom's asset portfolio is valued at 500 million euros, including 28 assets, with a total of 6,545 rooms. Atom's main shareholders include Bankinter (7%), the real estate investment company GMA (4%). The remainder of the firm’s shares is in the hands of Bankinter’s private banking clients. Atom will now incorporate a SIGI in Portugal, the country’s answer to Spain’s socimis and American REITs. Original Story: Jornal de Negócios Translation/Summary: Richard D. Turner