hospitality Market News: Spanish Real Estate Intelligence

Brazil’s HDP to Remodel the Sheraton Porto and Open a New Event Space
15 July 2019 – Richard D. K. Turner HDP, which owns the properties where the Lisbon and Porto Sheratons operate, along with two hotels in the Algarve, will invest approximately €8 million to remodel the Porto Sheraton and open the Casa de Montevideu. Sheraton, which manages the eponymous hotel in Porto, will now take over management of the Casa de Montevideo, also owned by HDP.  The hospitality group will run the new events venue, operating the business and providing catering services. HDP, a firm funded with Brazilian capital, is investing approximately six million euros in the acquisition of the Casa de Montevideu and subsequent renovations. The firm will also disburse about another two million euros to remodel the 265-room Sheraton Porto. Original Story: Jornal de Negócios / Rui Neves
Cascade Wellness Resort Reopens After €7-Million Makeover
10 July 2019 – Richard D. K. Turner The Cascade Wellness Resort officially reopened this week after a 2-year, €7-million investment by its owner, ECS Capital. The resort is located on a cliff top in Ponta da Piedade in Lagos and has 108 rooms and suites, 58 apartments, four villas, three restaurants, two bars and three swimming pools. The resort also has a spa with 5 treatment rooms and a heated pool, a state-of-the-art gym, two tennis courts and two regulation-sized football pitches. Original Story: Jornal de Negócios  
Patrizia Acquires Property in Cais do Sodré
10 July 2019 – Richard D. K. Turner The Germany-based real estate investment manager Patrizia just acquired a property in Cais do Sodré, Lisbon for an undisclosed amount from a private investor. The firm will convert the property into a luxury hotel. The asset located on the Praça Duque da Terceira will be converted into a four or five-star hotel with over 100 rooms and ​​6,200 square meters of surface area. Patrizia is currently negotiating with several potential hotel operators to manage the new unit. Original Story: Jornal de Negócios - Pedro Curvelo