620
620

Discovery Fund Invests €45 Million in Five New Hotels

11 July 2018

With planned investments of 45 million euros, the Discovery fund is preparing to add five new hotels in the Azores, Algarve, Alentejo and Lisbon to its real estate portfolio.

Without disclosing specifics regarding the new projects, which are still under study, the real estate fund that owns the Discovery Hotel Management (DHM) brand is planning on adding two new units in the Azores to its portfolio. One is in Ponta Delgada, and the other is on the Terceira island. The three other hotels are in Albufeira (Algarve), Évora (Alentejo) and Sesimbra (Lisbon region).

DHM’s general-director, Francisco Moser, made the statement to Dinheiro Vivo. According to the executive, part of the plan is to recover a hotel in Ponta Delgada, located behind the Azor, in the commercial gallery Pêro de Teive, adding 109 new rooms to the supply on the island of São Miguel. The re-opening of the Terra do Mar Hotel on Terceira Island is also being studied. Simultaneously, the group is undertaking a feasibility study for Ocean Villas, an existing 300-room tourist complex in Albufeira. Further up in Évora, the plan is to reopen the Perdiganito development, with 77 housing units. In Sesimbra, they intend to recuperate Sesimbra Bay, handing over management to third-party operators.

DHM’s growth plans also include the remodelling of three more hotels: the Monte Real – Hotel, Thermal Spas in Monte Real, Lousã Palace – Boutique Hotel in Lousã and Alpinus Hotel in Albufeira, some of which will also be managed by other brands. “We are in talks with well-known international operators that will be able to add more value to the assets,” said Francisco Moser, stressing that the goal is “to position them at a higher level.”

Currently managing 15 units in Portugal, DHM obtained 38 million euros in revenues last year, a 27% increase over 2016. Meanwhile, the average occupancy rate was 71%, with the average price growing 23%, from €68 to €84.

Original Story: Vida Imobiliária – Susana Correia

Translation: Richard Turner