«The conclusion of this operation is a rather positive sign for the investment market, especially in terms of hotels, thus materialising the confidence investors have shown in the segment during the last few months», commented Gonçalo Garcia, Director of Hospitality at Cushman & Wakefield. It also has, he added, «the advantage of being a 100% Portuguese deal, in terms of the seller, occupant and buyer».
Acting on behalf of the seller, Cushman & Wakefield supported the placing of the asset on the market and the search for an investor, aiming at a long-term lease. The operation was negotiated with a Portuguese family office and it marks its first tourism asset acquisition.
Located on the Eastern area of Lisbon, this three-star unit has 84 bedrooms and was a key-in-hand operation, developed to meet the Portuguese operator’s brand’s requirements with all the structures and services of an airport hotel. The construction works were carried out by DST SA – Engenharia & Construções, according to what had been originally planned, despite the confinement context.
The hotel, which is currently preparing its pre-opening, is part of brand Just Stay Hotels’ expansion plan, which thus reinforces its presence in the city of Lisbon.