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Imobimacus Wins Concession for the Paço Real de Caxias
9 March 2020 – The Revive program agreed to cede the concession for the rehabilitation and operation of the property at Paço Real de Caxias, in Oeiras, to Imobimacus, a subsidiary of Grupo Hotéis Turim. The firm will redevelop the site and open a new hotel on the premises.
In return for the 50-year grant to operate the property, the Hotéis Turim group is expected to pay the Portuguese state an annual rent of 216,000 euros for the concession. The firm also agreed to invest an estimated 11.6 million euros in its renovation.
The new hotel will have an excellent, coast-front location, in the municipality of Oeiras, and should open its doors in 2022.
The Paço Real de Caxias was initially commissioned in the middle of the 17th century by the Infante D. Francisco de Bragança, completed by the future King D. Pedro V, who used it as a vacation residence for the royal family.
Original Story: Construir
Translation/Summary: Richard D. Turner