Krest invests €15M on the first Portuguese Moxy

Krest invests €15M on the first Portuguese Moxy

The new hotel, whose construction has already been concluded, will be managed by Portuguese group Hoti Hotéis, the first from the Marriott universe to integrate its portfolio and which will allow it to reach 3.000 rooms under management.

Signed by Broadway Malyan, Moxy Lisboa Oriente will have a total 222 rooms, some with a view to the river and to the train station designed by Calatrava, with covered parking above the ground, gym, meeting rooms, library, wide terraces and common areas. It will be targeted at Millennials.

Urban art will be an important element of this hotel, an area on which Krest is already very involved in Belgium. Murals and fresh panels will be created by local artists on the spot, which may become tourist attractions on their own.

A lot of uncertainty remains concerning the pandemic. Claude Kandiyoti, the developer’s CEO, recalled that «at the beginning of March we were discussing tourism’s impact on the city». At a time when many hotels’ activity is still half-hearted, she is confident that the hotel will be able to open in September.

 €50M to be invested in Parque das Nações

Moxy Lisboa Oriente is part of a wider project, which also includes the construction of K-Tower, a new 15.000 sqm office project consisting of a tower next to the hotel. It will be «a dynamic complex which will boost this area of the city», along with the neighbouring Exeo, an office project from Avenue, on the other side of the Gare, which she does not see as competition.

In total, this enterprise will represent an investment between 45 and 50 million euro.

Claude Kandiyoti considered that «it is important to show we haven’t suspended construction» despite the pandemic. And she advanced that Krest intends to take the Moxy brand to other parts of the country, but «we don’t have any other projects to present yet».

Admitting that the uncertainty will remain, she pointed out that «real estate is long-term investment, and that is good news».

Bureaucracy is the greatest obstacle

Claude Kandiyoti identified Portuguese bureaucracy as the main obstacle to real estate investment and development. «It is our only worry».

She believes that «things are working pretty well in Portugal», despite the pandemic, and that the local authorities have shown interest in the new projects presented, but it is the bureaucracy that delays the processes. «A real estate project takes 2 to 3 years to be approved in Portugal and that is too long», she said.

Present in the Portuguese market since 2014, Krest already has several projects in Lisbon, Porto and Algarve, in several segments, with more than 200 million euro invested.

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