Sonae Capital is preparing to move forward with two new five-star hotels, one in Madeira and the other in the Algarve, scheduled to open in the first quarter of next year. The starter in Madeira is scheduled for February 2025, followed by the opening in the Algarve in March of the same year, according to information obtained by ECO.
The two new hotels will add 300 beds to Sonae Capital's tourism offer, which currently has around 1,300 rooms in a total of ten units spread across Porto, Lisbon, Troia and Lagos.
The Editory By The Sea Funchal
In Madeira, the project consists of a luxury unit with 98 rooms in Lugar da Ajuda, in the Lido area, which will result in the creation of 30 direct jobs. Sonae is taking over the hotel operation of The Editory By The Sea Funchal, work on which began in December. This project is the result of the rehabilitation of a previously abandoned building, which had been occupied in the past by tourist accommodation.
Isabel Tavares, marketing and sales director of The Editory Collection, stresses that "Madeira is performing very well from a commercial point of view and is a highly sought-after destination all year round. This opportunity arose and we made the decision in record time. We've been looking for a while and we haven't had any major doubts that we'd like to operate there. We're really looking forward to this project".
The Editory By The Sea Lagos
In the Algarve region, the holding company based in Portugal will operate the development which is being built from scratch by the Ferreira Building Power group. It should be remembered that Sonae owns Aqualuz Lagos (a four-star family aparthotel) in the same city.
Located on the cliff at Ponta da Piedade, the future The Editory By The Sea Lagos will provide direct employment for approximately 50 people. The apartments are in the final stages of construction and the developer has already marketed 72% of the units, with the option of putting them up for tourist exploitation.
Sonae Capital is prepared to face strong competition and believes that there is still room to open more hotels in Portugal, emphasized Isabel Tavares.
