hospitality Market News: Spanish Real Estate Intelligence

BCP Looks to Sell Bayview Sesimbra for €2.5 Million
29 October 2019 – The Bayview Sesimbra project, located in the town of Sesimbra, just to the south of Lisbon, is on sale for 2.5 million euros. Millennium bcp is selling the 4,500-m2 property, which includes the tourist flats Varandas da Falésia. The property is on the Estrada de Argéis, on a cliff overlooking the Praia da California. The resort, which was built in the 1980s, operated for several years in three separate buildings. In 2007, the municipal authorities approved a subdivision, limiting it to 47 4-star accommodation units. The bank is accepting bids for the asset up to 5 pm on November 8, 2019. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner
Grupo Sana Wins Public Auction to Redevelop the Quartel da Graça into a 5-Star Hotel
24 October 2019 – The Grupo Sana won a public auction within Portugal’s Revive program to redevelop the Quartel da Graça in Lisbon into a five-star hotel. The firm is expected to invest 30 million euros in the project, which is expected to open by the end of 2022. The five-star hotel will have 120 rooms. The Revive program auctions off the long-term rights to redevelop and operate vacant historic, state-owned properties. Original Story: Jornal de Negócios - Pedro Curvelo Photo: Turismo de Portugal Adaptation/Translation: Richard D. K. Turner
B&B Takes Over the Hotel Braga Lamaçães
24 October 2019 – The French hopsitality group B&B Hotels will open a second hotel in Portugal, adding the former Hotel Braga Lamaçães to its portfolio. Last year, B&B opened its first hotel in the country, the B&B Hotel Cantanhede Coimbra. The new hotel, located at Avenida D. João II 75, in Braga, will have 52 single, double and family rooms. The hotel will also have a total of 35 parking spaces. B&B will operate the new B&B Hotel Braga Lamaçães under a long-term rental scheme, within the firm’s asset-light business model. Original Story: Publituris Adaptation/Translation: Richard D. K. Turner