Tag: new hotels

The State of the Portuguese Real Estate Market in August

In full holiday season, the month of August, expected to be a quiet period in the real estate sector, suddenly and quickly made its ways through, with numerous transactions in the market. In almost all segments and a little from north to south, large-scale deals were perceived, with emphasis on housing, alternative assets and in the NPL’s market, were the ones that achieved the highest announcements over the course of the month.

The biggest highlight was the news that the Banks finally closed the agreement for the sale of ECS to Davidson Kempner Partners (DK Partners) for 850 million euros. This operation is already known as the real estate deal of the year, in Portugal.

Housing

At the beginning of the month, Vila Real de Santo António announced an investment of 101 million euros in housing. The Local Housing Strategy aims at benefiting households in the parish of Monte Gordo, the parish of Vila Nova de Cacela and in Vila Real de Santo António . The planned investment is intended to support 812 households.

Then, Coporgest proceeded with the conclusion of a residential project worth 27 million euros. Sottomayor Premium Apartments benefits from one of the best locations in Lisbon and is aimed at the high end. The complex consists of 43 apartments, from T1 to T3.

The month of August was still halfway through when the municipality of Matosinhos announced the investment of 85 million euros in housing, until 2026. The City Council and Matosinhos Habit are working on an investments plan in the construction and requalification of social housing, in supported rental and in the municipal program to support the rent.

Meanwhile, Mealhada has also approved the Local Housing Strategy, in an investment of 68 million euros. The focus is on intervention in various social housing neighbourhoods, the construction of housing areas and support to individuals, for the recovery of degraded houses intended for rent at controlled costs.

Offices

The month had just begun, when it became public that a Portuguese fund had acquired Uber’s headquarters in Lisbon for 18 million euros. The property, purchased by VIP (Fundo de Valores e Investimentos Prediais), was sold by Portuguese Finangeste and Patron Capital to the fund managed by Silvip. The Barbosa du Bocage building has seven storeys and a total area of 3.600 square meters.

In the meantime, the Novo Banco headquarters was sold for 112.2 million euros. Novo Banco, S.A. has informed on the signing of a Promissory Agreement to sell and buy regarding the current building, located on Avenida da Liberdade in Lisbon, in a statement sent to the Securities Market Commission (CMVM). Completion of the sale is expected to take place in the 3rd quarter of 2022.

Logistics

The logistics segment stood out with Carnes Campicarn, S.A., a national company in the beef industry, purchasing two factories in Torres Novas, in the district of Santarém, from a company of the Patris Group. With no revealed investment value, the two industrial assets have a covered area of around 11.000 m2 and are very well located in the centre of the country.

Student Residences

With the month of August starting, the University of Porto announced the investment of 18.7 million euros in student residences. The investment amount is intended for the construction of two new residences and the requalification of four existing ones. This will bring a greater offer to university students in the north of the country.

Towards the end of the month, new announcements were made in this segment, first with LIV Studenta opening a new residence for students and a new concept of coliving in an investment of 60 million euros. Porto receives the new LIV Student Campus Street residence, with 734 rooms and a new concept of coliving, LIV CoLife, with 71 rooms, is born in the city. This is the second residence in Porto under the Valeo Groupe brand.

Subsequently, the University of the Algarve announced that it will build two residences and renovate six in an investment of around 14 million euros. The two new student accommodation units will be built one on the Gambelas campus and the other on the Penha campus. The eight projects approved involve a total investment of 14.54 million euros, in an effort that will enable the provision of 292 new beds for students.

Hotels

In the middle of the month there was the announcement that the Fontecruz Lisboa Hotel had been sold for 42 million euros by the Spanish chain FontecruzHotels. The new owner of the hotel is Carlos Camurdine, one of the biggest entrepreneurs in Mozambique. Opened in 2012, the five-star hotel was the international debut of the FontecruzHotels chain and offers 72 rooms.

It was also made public that in Viana do Castelo, a hotel shut down for 16 years, will reopen after works worth 10 million euros. The Viana Sol hotel reopens in February 2023, after having been refurbished, as a themed hotel. The hotel will have its name changed into Dona Aninhas.

Land

At the beginning of the month, Corticeira Amorim announced the purchase of a land from Novo Banco, for 22.3 million euros. The 1855 hectare plot is located in Pinhal Novo, in the municipality of Palmela. The property includes a set of properties allocated to forestry which are part of the former Herdade de Rio Frio.

Alternative Assets

In the beginning of August, Sintra has announced that it will proceed with an investment of 10 million euros into a new municipal building. The new project is to be born in the former Fábrica da Messa complex. The building will be located on a plot of 1.6 hectares with a construction area of ​​approximately 5.000m2.

Meanwhile, Herdade do Vale Feitoso has been sold for 25 million euros. The Spanish company Tenigla sold the largest private property in Portugal, an estate with more than 7.300 hectares, which has now been acquired by Portuguese businessman Ricardo Machado. The new owner will spend 50 million euros on improving the property.

Also at the beginning of the month, the commercial and cultural space Lx Factory was sold to a joint venture of Grupo Arié. The asset in Lisbon was acquired, with no investment value revealed, by a joint venture between Grupo Arié, Europi Property Group and Bedrock Capital.

In the meantime, Sonae Sierra acquired Atrium Saldanha, in Lisbon, through the purchase of the company Imosal. The operation, with no revealed investment value, was notified to the Competition Authority. The building, comprising 59 stores and nine storeys of offices, also has an underground car park.

NPL

With August coming to an end, the Banks closed the agreement for the sale of ECS to Davidson Kempner Partners (DK Partners) for 850 million euros. The operation is still pending regulatory approval and should only be completed in the fourth quarter of 2022. The asset portfolio includes the sale of the FLIT and the Recuperação Turismo funds, as well as the management of the company.

Parvalorem has also resumed the sale of a property portfolio worth 250 million euros. Two years after the Ministry of Finance blocked this transaction, Parvalorem, which manages the troubled assets of the bankrupt BPN, resumed the process of selling a real estate fund, valued at just over 255 million euros.

The State of the Portuguese Real Estate Market in July

 

The second half of the year started in the best way, with many investments and transactions in the various segments of the real estate market. Housing and hotels have been the centre of attention in recent months, with regard to news about the sector, but the month of July also brought a lot of news in the student housing market.

Housing

With the month of July starting, the municipality of Gaia announced the investment of 40 million for the construction and rehabilitation of housing. The investment integrated in the Local Housing Strategy was approved by the municipality. With the investment, it will be possible to support 2,109 households, corresponding to 5,470 people.

Meanwhile, the month was already half way through when the city of Olhão, in the Algarve, announced the new Delmar Waterfront with 118 apartments. The apartments in the private condominium next to the Marina of Olhão have areas between 72 and 163.5 m². The investment value was not disclosed.

SOLYD Property Developers also launched Jardins Altear, its latest residential project in Alta de Lisboa. This is the eighth launch of ALTEAR, the real estate developer’s residential project. ALTEAR will offer the market more than 500 apartments with different types and commercial spaces, with a total construction area of ​​over 120,000 m2.

Socicorreia also announced the construction of 4 residential buildings in Câmara de Lobos. The group presented in Madeira, a housing complex consisting of 4 buildings, in a total of 34 dwellings, on the site of the Tower. The new complex, at controlled costs, is budgeted at 6.2 million euros.

At the end of the month, it became public that the residential project “Campolide – Nova Goa” will be born in Lisbon. It is next to Praça de Espanha that the new development with 59 apartments will be born. The plot provides for the construction of 7,500 m2 above ground, spread over 59 apartments. With no investment value revealed, the venture will be born next to the Universidade Nova de Lisboa.

Logistics

Blackstone announced the acquisition of a portfolio of 15 M7 logistic properties for the total amount of 125 million euros. The buildings are leased to distribution and retail companies. This is the second logistics portfolio that the North American Asset Management Company has purchased within a month.

Retail

Also in early July, Trei announced that it intends to sell 50 supermarkets for 150 million by August. The German company of the Tengelmann group wants to sell what is considered the largest portfolio of supermarkets in Portugal, a portfolio called “Project Amália”. Trei has available on the market 44 Pingo Doce, a Continente, a Minipreço and other assets located mainly in Porto, Lisbon and the Algarve.

Meanwhile, Santarém Retail Park announced that it will receive the Mercadona supermarket. Mitiska REIM, the current owner of the Retail Park, is committed to a destination of convenience for all consumers. By the end of the year another four stores are expected to open.

Student Residencies

In early July, Round Hill Capital announced the purchase of the Smart Studios network for €200 million. The group acquired the network of coliving spaces and student residences, which includes 2070 apartments in Lisbon, Carcavelos and Porto.

Soon after, the Polytechnic of Leiria announced that it will have 614 more beds by 2025. The investment in the new vacancies is financed by the PRR and will cost more than 25 million euros. Applications for the construction of new residences and renovation of the current ones were approved.

Meanwhile, the new NIDO student residence has opened its doors in Campo Pequeno. The student accommodation project of the international chain Nido, which offers a total of 380 rooms of 15 different types, is now accepting reservations for September. NIDO is Round Hill Capital’s student accommodation management brand and has extensive experience in the PBSA (Purpose-Built Student Accommodation) market in different countries. Nido does not put forward the investment values ​​of the project for now, however Round Hill Capital together with TPG Real Estate Partners made an investment of 150 million euros in the acquisition of land in Campo Pequeno for the construction of the projects (Lumino and Nido).

In the middle of the month, Livensa Living announced that it had just renovated a university residence in Marquês de Pombal. In preparation for the new school year, Livensa Living renovated the residence in Lisbon, which has 330 beds.

Hotels

At the beginning of the month, Arrow Global Portugal announced its intention to invest 500 million euros in Hospitality. The group that owns Whitestar Asset Solutions, Norfin, Restart Capital and Hefesto in the country, also having, through the ACO1 Fund, a stake in Vilamoura World, launches a new business vertical with the aim of developing and manage tourist assets. Arrow Global Portugal intends to make the investment within five years and has just acquired 75% of the Details Hotels & Resorts hotel group in the Algarve.

Meanwhile, the Vila Viçosa Convent will be converted into a luxury hotel. The Convento de Nossa Senhora do Amparo will give way to the Anantara Royal Vila Viçosa Resort in an investment of 21 million euros. The Thai brand Minor, which owns several Tivoli hotels in Portugal, is now betting on a new hotel located in Vila Viçosa, in the district of Évora.

Also in early July, Delsk Group Portugal acquired the Vip Inn Miramonte hotel. The transaction amount was not disclosed. The hotel that belonged to Sociedade Hoteleira de Colares is located in Sintra and is considered an ideal asset for repositioning in the region. Located more precisely in the village of Colares, the 3-star hotel has 92 rooms.

It was already halfway through the month when Cerro Mouro presented itself as the new eco resort that will be born in the southwest of the Algarve. The development has 24 eco-friendly luxury homes and is due for completion by the end of 2024. The project is an innovative and exclusive eco-resort, born out of a passion for this corner of the country, in the sunny village of Barão de São João, in Southwest Algarve. The investment value of the new real estate project was not disclosed.

Meanwhile, Yotel Porto was sold for around 28 million euros. Fidelidade Sociedade Gestora acquired, through the IMOFID real estate fund, the hotel in Porto and two more buildings in Spain, totaling an investment of 100 million euros as a whole.

Alternative Assets

In the middle of the month, Novaxia Investissement announced the acquisition of land for a multipurpose project in Amadora. The five lots, acquired from Millennium BCP, provide an area of ​​around 72,000 m2, with an estimated building potential of 107,000 m2 above ground. This is Novaxia Investissement’s first investment in Portugal. With no investment value revealed, the five plots cover an area of ​​about 72,000 m2, with an estimated building potential of 107,000 m2 above ground.

At the end of July, the Flow Group announced the investment of 18 million in the municipality of Loulé. The investment is intended for structures located between the areas of Vilamoura and Quinta do Lago. Expected until 2023, the amount will be allocated to the area of ​​​​restaurants, hotels and nightlife.

NPL

Whitestar Asset Solutions S.A announced that it won the management of four new portfolios worth 270 million euros. These property portfolios, NPL Secured and Unsecured, were originated by Banco Santander Totta, Millennium BCP and an international investment fund.

 

The State of the Portuguese Real Estate Market in June

The month that held the arrival of summer and the month of the Popular Saints was marked by large investments in the real estate market. Even during several national and municipal holidays, with festivities all over Portugal, the market didn’t stop for a rest, apparently showing itself to be calm in counter-cycle with the voracious investments that appeared throughout June.

In general, and as was evident last May, there were transactions in some of the sector’s segments, with the main emphasis on housing and hotels.

Housing

The month was already halfway through when there was an announcement that another 70 residential units were to be built in Lisbon, financed by the RRP in an investment of more than 6.2 million euros. The first stone for the construction of 70 homes in Bairro Padre Cruz in Lisbon has already been laid. Under the Recovery and Resilience Plan, the financing contract was signed, which will allow the 100% non-refundable financing of this investment of more than 6.2 million euros under the Lisbon Municipality Local Housing Strategy.

Meanwhile, Fercopor announced a new luxury housing project in a 9-million-euro investment. Enlight will be built in Porto, on Avenida da Boavista, the most recent development created by the luxury real estate company looking to boost the housing supply on that avenue. The project is located next to the former Dallas Shopping Centre, on a plot of 2,636 m2, which has so far remained unoccupied. The new development will make available 20 flats, distributed over seven floors. The one-to-four-bedroom homes will have interior areas of up to 280.5 m2 and exterior areas of up to 95 m2, including balconies, gardens and patios.

In the middle of the month, the Oeiras Town Hall announced that it would sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) for the construction, by 2024, of 92 houses for rent, in a total investment of around 19.2 million euros. The project also has a financial contribution from the Recovery and Resilience Plan (PRR) estimated at 15.8 million euros.

Meanwhile, Traçado Regulador announced that it is developing a new project for the construction of a luxury residential building in Oeiras Golf & Residence. The 22 two-to-four-bedroom flats will have areas between 100m2 and 200m2. Investment values were not disclosed.

The following day, the CVM – Construções Vila Maior group revealed that it would invest 140 million euros, over the next year and a half, in building 15 buildings in the Greater Porto area, corresponding to 825 units, of which 425 are already underway. The remaining 400 will start by the end of the 1st quarter of 2023. The Group also announced its entry into the industrial rental area, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira – Parque Empresarial A32, with 25,000m2 – it intends to continue to buy and invest in this sector, by acquiring new assets.

Retirement Homes

At the end of June, it became public that the Hospital Particular de Viana do Castelo is investing 8 million euros in a new retirement home. The project includes the construction of a retirement hotel with 40 single rooms and 20 double rooms, with a total occupancy of 80 guests, and a clinical unit with physiotherapy, gastroenterology, and outpatient services with all specialities. From the investment of this new unit that will be installed in Avenida Capitão Gaspar de Castro, one of the city’s main arteries, 1.255 million euros correspond to the value of the land acquisition, with the consequent creation of about 60 jobs.

Hotels

At the beginning of the month, the W Algarve luxury resort opened its doors following an investment of around 300 million euros. The W Algarve is the first luxury resort of the W brand in Portugal, located in Albufeira, at Praia da Galé. W Hotels Worldwide has announced opening the W Algarve, which is part of the portfolio of Marriott Bonvoy, which in turn owns more than 30 hotel brands. The company’s latest hotel joining the W Escapes family, is located atop the cliffs in the Praia da Galé area. It features 134 west-facing rooms and suites and 83 W-branded residences.

In the same week came the announcement of the new IMMERSO Hotel that opened its doors in Ericeira after a €6-million-investment by Inspire Capital. The 5-star hotel will be the first in the region, offering 37 rooms, a spa, pool, bar and two gastronomic spaces. It is located in a valley and combines four different accommodation areas, all embraced by the green surroundings. The project’s primary focus is its contact with nature.

The following week, the Fladgate group sold a hotel in Porto to Gaw Capital. Owner of the Intercontinental Palácio das Cardosas, Gaw Capital is the new owner of the oldest 5-star hotel in Porto, the Infante de Sagres hotel. The Fladgate Partnership sold the historic hotel in an operation whose value was not disclosed. The new hotel unit, which has not yet been named, will have between 85 and 90 rooms and is expected to be operational within two years.

As the month drew to a close, Mercan Properties announced a €16.8 million investment in a Holiday Inn Express in Évora, scheduled to open in the summer of 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, whose first stone was laid in 2021. The development, which will create around 100 jobs, 70 of these during construction, and a further 30 permanent jobs to be created once the hotel opens, results from a partnership with IHG Hotels & Resorts (IHG).

Alternative Assets

Also in early June, Home Tailors Real Estate announced the marketing of a Wine Estate for €8 million. The real estate agency was responsible for the sale of Herdade das Fontes Bárbaras, located on a typical Alentejo hill, in the municipality of Castro Verde. The estate has a wine-growing component, along with rural tourism and wine tourism. The project is inserted in the estate’s 162 hectares, where the predominant culture is the vineyard.

With the month coming to an end, the Casais Group announced the investment of €11 million in a hybrid construction complex next to the University of Minho’s Pole. It is in Guimarães that the hybrid construction complex will be born, including a B&B Hotel with 95 rooms, 44 studios for rent and a commercial space. Designed by the architect Mário Fernandes, the hybrid construction complex will be inaugurated still this year. According to the Casais Group, this is the first building of hybrid construction in the Iberian Peninsula, using engineered wood and one-third of the concrete of a traditional building.

IHG Group to Invest in New Hotels in Portugal

February 10, 2022 – Ana Custódio

The major news of the day is the debut of the IHG brand in Portugal. Staybridge Suites will open hotels in the city of Porto and Carcavelos.

With openings planned between 2022 and 2025, the InterContinental Hotels Group (IHG) plans to invest in five new hotels in Portugal, ECO newspaper reported, according to information published by the Portuguese news agency Lusa.

IHG plans to open two units in Porto and another three in Lisbon, Évora and Carcavelos (Cascais). The expected total investment was not announced.

IHG formally announced that its hotel brand, Staybridge Suites, will first inaugurate two hotels in Porto and Carcavelos. The group will move ahead with the Staybridge Suites Porto, Staybridge Suites Carcavelos, Holiday Inn Express Porto, Holiday Inn Express Évora and Six Senses Lisboa, the brand’s second brand in Portugal.

InterContinental Hotels Group estimates that the first two units will open in 2022, with the others planned for the following years, in 2023, 2024 and 2025.

It should be noted that this announcement came following IHG’s recent agreement with strategic partner JJW Hotels & Resorts to open three new properties in Portugal later this year.

Translation: Richard D K Turner

The Editory Riverside Santa Apolónia Hotel to Open After €12-Million Investment

The new 5-star hotel, which will open on Monday, stems from the refurbishment of part of Lisbon’s Santa Apolónia railway station. The Editory Riverside Santa Apolónia Hotel has a total of 126 rooms.

February 3, 2022 – Ana Custódio

The new hotel’s inauguration is scheduled for next Monday.

Resulting from an investment of 12 million euros, The Editory Riverside Santa Apolónia Hotel stems from the refurbishment of part of Lisbon’s Santa Apolónia railway station. The new five-star hotel will open its doors on Monday, according to an article in the Jornal de Notícias. The hotel is located on Avenida Infante D. Henrique, right in front of the new Cruise Terminal.

The new hotel, which belongs to The Editory Collection Hotels group, owned by Sonae Capital, has a total of 126 rooms that pay homage to Portugal’s historic railways. According to the paper, the project results from the rehabilitation of part of the train station, inaugurated in 1865. The renovation converted about 10,000 square metres of area in the station’s eastern wing and upper floors.

The three-floor architectural project was designed by Saraiva Associados, with 11 different types of classically decorated rooms described as welcoming, spacious, sober, and filled with vintage, thematic details inspired by the old train carriages.

Read the full article in Portuguese

Translation: Richard D K Turner

Fortera Invests €11.5m in Azul Boutique Hotel

Portugal’s tourism sector is showing signs of resilience as a new 4-star hotel is set to go up in Vila Nova de Gaia, overlooking the Douro river.

January 12, 2022 – Brainsre.news

Portugal’s tourism sector is showing signs of resilience as a new 4-star hotel is set to go up in Vila Nova de Gaia, overlooking the Douro river.

In a press release, Fortera Properties stated that the 4-star hotel, located on Rua General Torres, 50 meters from the D. Luis I Bridge, will consist of 64 rooms with views over the Douro River. The complex will also have a restaurant, terrace and solarium with a swimming pool on the 4th floor, for a total area of 4,200m2.

Thanks to its privileged location, guests at the Azul Boutique Hotel will enjoy views over the city of Porto, the Douro, the wineries, the Ribeira and the D. Luis I Bridge.

“We took advantage of this location to bring the landscape to almost all the rooms. The restaurant area and solarium also take advantage of this landscape with completely unobstructed views,” Hélder Agostinho, architect and property manager of the project, explained.

“Despite the difficulties with the pandemic for the tourism sector, the coming months should allow us to create the beneficial conditions to consolidate our position, which also leads us to believe that the inauguration will occur during a moment of strong recovery for the sector, with Porto and Gaia once again presenting themselves as important centres of tourist demand in Portugal,” Elad Dror, CEO of the Fortera group, added.

Fortera Properties operate in the luxury real estate sector, acquiring property for construction from the ground up or renovating spaces for hotels or residences. Some of the Israeli group’s principal activities in Portugal, with over €100-million in planned investments, are focused on Vila Nova de Gaia, including the Skyline and Riverside developments.

Translation: Richard D K Turner

Hotel W Algarve to Open in Spring 2022

W Hotels Worldwide will inaugurate its first hotel in Portugal with a bold and dynamic project.

November 26, 2021 – Ana Custódio

W Hotels Worldwide will inaugurate its first hotel in Portugal with a bold and dynamic project.

W Hotels Worldwide will debut in Portugal with a bold and dynamic hotel located on the Algarve‘s iconic cliffs. W Hotels Worldwide, part of Marriott International, will open the W Algarve in spring 2022. The investment in the project has not been disclosed.

Located less than 50 km from Faro International Airport, the resort has 134 rooms and suites and 83 residences complete with excellent sea views and spacious balconies. The rooms showcase W’s reinterpretation of the Algarve. The Atlantic colours and asymmetrical shapes mimic the nearby cliffs, while the dynamic tile designs are a modern homage to the region’s Arab heritage. W-brand amenities complete each room with luxurious bathrobes, spacious bathtubs and rain showers.

Translation: Richard D K Turner

Construction Begins on Hotel Mundet in Seixal

Investment in the Hotel Mundet is expected to reach approximately 7.6 million euros.

October 4, 2021 – Ana Custódio

Investment in the Hotel Mundet is expected to reach approximately 7.6 million euros.

Located in the old cork factory in Seixal, work on the upcoming Hotel Mundet has already started, after a temporary interruption in recent months, in an investment of around 7.6 million euros.

The new hotel will benefit from a prime location facing Seixal bay and its riverside promenade. Located in Seixal’s old cork factory, Hotel Mundet’s construction is beginning again after a temporary suspension over the last few months, according to Diário Imobiliário.

According to the website, the announcement was made on the Facebook page of Joaquim Santos, the mayor of Seixal, who was re-elected in the last local elections on September 26.

The new 4-star hotel unit will have 84 flats, a business centre, spa, health club, restaurant, swimming pool, rooftop, bar and underground parking. Once the largest cork processing factory in the world, the Mundet’s interior design will be inspired by its past.

Hotel Mundet aims to fill a gap in the supply of accommodations in Seixal while also revitalising the former factory’s extensive footprint. In the hands of Grupo Libertas, the winner of the municipal tender, construction is expected to take 20 months. The future hotel s scheduled to open in the summer of 2022.

Translation: Richard D K Turner

Arouca Monastery Gains New Life as Luxury Hotel in €5.9 Million Investment

October 4, 2021 – Ana Custódio

The hospitality group will restore the Arouca Monastery, which was originally built during the 12th century.

The Mesquita de Sousa Hotels & Resorts group will invest 5.9 million euros in transforming the south wing of the Monastery of Arouca into a five-star hotel under the Revive programme.

The Monastery of Arouca will gain new life as a luxury hotel in 2023 in a €5.9-million investment in the building dating from the 12th century, creating a nature resort, according to Dinheiro Vivo.

The Mesquita de Sousa Hotels & Resorts group will invest in transforming the south wing of the Arouca Monastery into a five-star hotel as part of its 50-year concession to manage the 12th-century property under the Revive programme. The first stone was laid last week, and it should start operating in the summer of 2023. The launch ceremony was attended by the secretary of state for tourism, the president of Turismo Porto e Norte, the mayor of Arouca and the CEO of the MS group.

According to the article, the hotel will have 56 rooms, a spa, indoor and outdoor pools, a paddle tennis court, a restaurant, and other recreational spaces. According to Pedro Mesquita de Sousa, CEO and main shareholder of the hotel group, the MS Collection Mosteiro de Arouca will be “a nature resort and a benchmark project nationally.”

Mosteiro de Arouca joins the MS Group’s other investments in the hospitality sector underway in Portugal. The group, which began operating in the sector in 2017 after acquiring a small hotel in Braga, intends to create a network of hotels in the country.

Translation: Richard D K Turner

120 Hotels and 14,510 Rooms Under Construction in Portugal

August 18, 2021

According to an article published in Publituris, Lodging Econometrics (LE), a North American consultancy company that analyses hotel construction trends and projects in Europe, has stated that there are currently 120 units under construction for a total of 14,510 rooms in Portugal. The figures place the country in fourth place in the European ranking.

The analysis, based on the period until the end of the second quarter of 2021, puts the United Kingdom in first place, with 345 hotel units under construction (close to 53,000 rooms), followed by Germany, with 276 projects  (just over 50,000 rooms. France is in third place, with 169 projects and almost 20,000 rooms, while Poland comes in fifth, with 94 projects and slightly over 14,000 rooms.

London leads the ranking by city, with 86 projects and 15,717 rooms, followed by Düsseldorf (Germany) with 52 projects and 10,370 rooms. The French capital rounds out the top three, with 44 projects and 6,927 rooms.

Lisbon comes in fourth place, with a total of 35 projects (4,120 rooms). Still in the top five is Istanbul (Turkey), with 33 projects and 6,472 rooms.

As a whole, hotel construction projects in Europe fell by 1%, while the number of rooms rose by 1% y-o-y. The second quarter of the year saw 1,841 projects for a total of 296,843 rooms.

A total of 934 projects (152,549 rooms) are in the construction phase. Projects expected to begin construction in the next 12 months declined slightly to 466 projects and 73,739 rooms, while the projects in the early planning stage fell 2%, to 441 projects. Rooms, meanwhile, increased by 1% to 70,561 units.

Over the past 18 months, “border closures and the absence of tourism have been the biggest disruption for many European economies,” LE points out, admitting, however, that “many [countries] are beginning to show signs of recovery.”

The consultancy also notes that “pent-up demand has left tourists eager to make plans for the end of the summer,” concluding that the demand for travel “should increase during the second half of 2021.”

By hotel groups, Accor leads with 281 projects and 40,123 rooms, followed by Marriott International with 218 projects and 35,721 rooms. Hilton Worldwide, with 205 projects and 32,155 rooms; InterContinental Hotels Group (IHG) with 154 projects and 23,391 rooms; and Radisson Hotel Group with 55 projects and 10,160 rooms, close the top five.

These five groups represent, moreover, 50% of all the projects in planning in Europe.

Finally, during the second quarter of 2021, 168 new hotels and 24,253 rooms were inaugurated in Europe, and LE estimates that, by the end of 2021, another 458 new hotels will open (65,422 rooms). In 2022, those numbers will increase slightly to 468 hotels and 69,756 rooms. In 2023, the number of hotels opening will decrease slightly (461), while the number of rooms will continue to increase (74,671).

Translation: Richard D K Turner