New Hotel in Lisbon May Have Cost 15 Million Euros

7 February 2018

CBRE, an international real estate consultancy, sold the property to a Spanish hospitality group. The value of the operation was not disclosed.

The Spanish hospitality group Hotusa will open a new hotel in the centre of Lisbon, at 88 Rua da Prata.

If one were to extrapolate from the data on the average prices per square meter for property in that area of the capital (the parish of Santa Maria Maior), as collated by Confidencial Imobiliário at the beginning of last year – about 4,481 euros per meter square – this transaction could have cost Hotusa approximately 15 million euros, since the building in question has an area of 3,300 square meters.

“This building, located in the Pombaline area of downtown Lisbon, a premium area in the Portuguese capital, has six floors and a total area of 3,300 square meters and was previously owned by Seguradoras Unidas, SA. The purchase was made by a company belonging to the Hotusa Group (Eurostars Hotels), which intends to build a hotel there,” CBRE said in a statement.

The Hotusa Group was created in 1977 and now has more than 4,000 employees in more than 2,400 hotels in 49 countries on three continents.

The Spanish group markets itself as the fourth largest hotel consortium worldwide and the largest in Europe, with 11 units in Portugal.

According to Francisco Sottomayor, the director of development at CBRE Portugal, “this transaction reflects the investment in hotel development in Lisbon, a city that has attracted more and more tourists over the last few years and is expected to continue to grow consistently over the next few years.”

“This sale demonstrates CBRE’s expertise in real estate development and real estate marketing for rehabilitation and reconversion. It is another area in which we are market leaders, the result of our professionalism and commitment,” the executive stated.

Original Story: Jornal Econômico – Nuno Miguel Silva

Translation: Richard Turner

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