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Revive Grants Concessions for Two New Hotels

27 March 2020 – The Portuguese government announced that it had granted a 50-year concession to rehabilitate and operate the Monastery of Lorvão in Penacova, which was founded in 878 shortly after the Christian reconquest of Coimbra. Imobimacus, a subsidiary of the Hotéis Turim Group, would the auction for the concession, its second, after taking over the Paço Real de Caxias, in Oeiras. The firm will invest approximately 6.9 million euros in redeveloping and converting the property into a hotel, paying €40,000/year in rent.

The Revive program also announced that it had granted another concession, this time to the Palace of Conde Dias Garcia, in São João da Madeira, to Hoti Star. Hoti agreed to pay an annual rent of 30,528.00 euros and will also rebuild and convert the property into a 4-star hotel, in an investment estimated at 4 million euros.” The Conde Dias Garcia was built at the end of the 19th century by António Dias Garcia.

Original Story: Dinheiro Vivo – Ana Laranjeiro

Translation/Summary: Richard D. Turner