hospitality Market News: Portuguese Real Estate Intelligence

#Brainsflash - Of note last weel was the annoucement that the Hard Rock Hotel Algarve will open in Portimão.
July, 24, 2023

Hipoges and JLL finalise land sale for Campolide – Nova Goa residential development

Hipoges and JLL have completed the sale of the land for this new real estate project, which will have approximately 7,500 m2 of above-ground construction and 59 apartments. This residential asset, covering about 7,500 m2 and culminating in the construction of 59 apartments, bears the signature of architect Regino Cruz, known for sustainable integration into the surroundings and maximizing the lifespan of high-quality projects for users and the community. The project also benefits from a premium location in the city of Lisbon.

Californian Investors Acquire Boutique Farmhouse Hotel

The transaction was conducted by Athena Advisers, representing the buyer, and CBRE, acting on behalf of the owners, in the sale of the boutique hotel Pensão Agrícola, located in the Tavira region. The small rural hotel will now become the holiday residence of a Californian family while continuing to operate as tourist accommodation. The investment value was not disclosed.

EUR 20 million investment in Eagle 3 development

The Eagle 3 building, located in Oeiras Golf, is a development co-exclusively marketed by Porta da Frente Christie’s and JLL. With an initial investment of 20 million euros, the Eagle 3 building aligns with the trend of moving residences from central Lisbon to Oeiras. It is inspired by greenery and designed for a sophisticated lifestyle that combines golf at the doorstep with the beach just ten minutes away.

Cushman & Wakefield and Savills responsible for sale of two Cifial plants

Cushman & Wakefield and Savills, under a co-exclusive arrangement, are responsible for the commercialization of two factories owned by Cifial, located in Santa Maria da Feira and Viseu. At the Bodo site, the property is situated on a plot of 58,409 square meters with a built-up area of 24,403 square meters. As for the Santa Comba Dão site, it is located on a plot of 69,190 square meters with a built-up area of 17,373 square meters.

Hard Rock Hotel Algarve to open in Portimão

Hard Rock International and Mercan Properties have just announced plans to launch the new Hard Rock Hotel Algarve in Portugal. The new development will be located near the stunning Praia do Vau beach in Portimão, further expanding the global reach of this iconic brand. The investment amount has not been disclosed. The hotel unit, expected to begin construction in early 2024 and open in the summer of 2026, will feature around 275 luxury rooms and suites, as well as 150 apartments with personalized brand services.

FIIA CA Património Crescente acquires La Vie Funchal shopping center

CBRE advised CentroNovoFunchal SA in the sale of La Vie Funchal Shopping Center to the Open Real Estate Investment Fund CA Património Crescente. The selling entity, CentroNovoFunchal S.A., is owned by approximately 50% by the HLP fund, managed by ECS Capital, and about 40% by Grupo Oitante, along with other minority shareholders. In this transaction, the seller was advised by Uria Menéndez – Proença de Carvalho and NewCycle, while the buyer was supported by RPE and Engexpor.

#Brainsflash - Of note last week was the announcement that Lagos will host a new five-star tourist resort
May, 22, 2023

Student housing to be built in Avepark

The Guimarães – Avepark Science and Technology Park will have a building dedicated to accommodating university students. The accommodation facilities will include various types of units, such as individual rooms, double rooms, studios, and different-sized apartments. The building will offer a range of options, including 20 individual rooms, 35 double rooms, 24 studios, four T0 apartments, 22 T1 apartments, and five T2 apartments.

Lagos to host new five-star tourist resort

A new luxury tourist development with a capacity of 402 beds is planned for Monte da Atalaia, Lagos, representing an investment of approximately 14.4 million euros. The five-star hotel will consist of 201 accommodation units and aims to establish a hotel operated by the Marriott Hotels chain. The project aims to provide high-end accommodation and promote tourism in the area.

A new development is to built next to Areeiro

The Vision Areeiro project consists of 74 apartments spread across 12 floors, including T0, T1, T2, and T4 units, as well as a spacious Penthouse. Additionally, there are coworking and gym spaces. The development is situated in a peaceful residential area between Parque das Nações, Avenida de Roma, and Lisbon Airport, providing quick and easy access to major roads and public transportation networks, including the metro. The investment value for the project has not been disclosed.

Claranet opens office in the Beato Creative Hub in a investment of six million euros

Claranet, with an investment of around six million euros, becomes the first private company to open its doors at the Hub Criativo do Beato in Lisbon. The brand’s new headquarters spans over 4,000m2 and is designed to accommodate up to 500 employees simultaneously. The innovative office concept focuses on sustainability, energy efficiency, productivity, and employee well-being.

Finangeste acquires old Castil cinema and will invest 4 million euros in rehabilitation

Finangeste has acquired the former Castil cinema premises from BBVA and will invest 4 million euros in its rehabilitation. The company aims to transform the space into a disruptive office that can accommodate high-quality tenants. The former cinema, which opened on February 2, 1973, and closed in 1988, has an area of approximately 1,600m2 and previously housed a BBVA branch.

#Brainsflash - Of note last week was the annoucement that Kronos Homes completed the sale of Amendoeira Golf Resort

May, 15, 2023

Algarve receives luxury development with investment of 270 million euros

Verdelago Resort, a luxury development in Algarve with a €270m investment, will open this summer. The project covers 86 hectares of land and includes a five-star hotel with 197 rooms. The development is entering a new commercialization phase, with 109 residential-touristic units available.

Property Core Real Estate Fund aquires 18,200 m2 property in Benavente

JLL sold and leased a warehouse in Benavente to the Property Core Real Estate Fund. The property was previously a paper production factory and has a large gross area and high ceilings. The new owners plan to extensively refurbish the property to optimize it for its new purpose.

Construction work begins on the second phase of the MERECES 718 development

Dstrealestate announced the start of construction for the second phase of the MERECES 718 development in Barcelinhos, Portugal. The first four lots of the project have already received an investment of €30 million, and 42 out of 160 apartments have been sold. The construction of the second lot is expected to be completed by March 2024.

Évora will welcome the opening of Hilton Garden Inn Évora

Mercan Properties has invested 21 million euros in a new hotel in Évora, Alentejo, its first in the region. The hotel has 130 rooms, a rooftop pool, a restaurant, gym, and a meeting room. The property developer already has four other hotel projects in the region.

Kronos Homes completes sale of Amendoeira Golf Resort

Kronos Homes sold Amendoeira Golf Resort to Grupo Rolear. The 241 properties in the resort were sold to national and international clients. The value of the investment was not disclosed.

Habitat Invest announces the launch of “The UpperCase”

Habitat Invest's new project, "The UpperCase", will include 73 apartments, 6 townhouse-style villas, a mansion, and a commercial space. The development will be built on the site of the former DAFUNDO printing press in Algés, Portugal, bringing new life to the historic property. The investment amount for the project has not been disclosed.