285
285
  • Transaction / Assets
    DoubleTree by Hilton - Fontana Park
  • Seller
    na
  • Buyer
    Commerz Real
  • € MM

Commerz Real Acquires the Fontana Park Hilton in Lisbon

13 May 2019 – Richard D. K. Turner

According to an article in the Diário Imobiliário, Germany’s Commerz Real Capital Management Company (CCG) acquired Turismadeira SA, which owns the DoubleTree by Hilton – Fontana Park, in Saldanha, Lisbon.  The four-star hotel consists of 146 rooms and 62 parking spaces on seven floors, as well as a conference room, two restaurants, a bar and a gym. An expansion of the hotel is already underway, to be completed in early 2020, adding another 80 rooms and 40 parking spots.

Commerz Real signed a 20-year lease with Fontana Hotels SA where the tenant will be responsible for maintenance of the property. The sales price was not disclosed.

According to the consultancy PwC, hotel occupancy in Lisbon has been increasing steadily in recent years and is expected to reach almost 80% by 2019. Revenue per available room (RevPAR) is expected to be around 101 euros in 2019, an increase of 38% since 2016.

Original Story: Diário Imobiliário