Sonae Capital invests €12 million on hotel project at Lisbon’s Santa Apolónia

 In News, Property

Sonae Capital is to invest €12 million on a hotel unit within the building that houses Lisbon’s Santa Apolónia station. The space will be leased for up to 35 years from the government.

The project will represent the group’s first hotel in the Portuguese capital. The project involves the construction of a four star hotel unit in the south and west parts of the building over an area of 9000 m2.

The 120-room hotel is slated to open in the first half of 2021.

Sonae Capital was the company that won the competition launched by IP – Infrastructuras de Portugal for the lease or sub-concession with a view to explore a hotel unit on the site.

The competition rules stated that the investment should be made by the sub-concessionaire to a estimated investment sum of €12 million. The sub-concession has been granted for up to 35 years.

During the 2-year construction phase the lessee will be exempt from paying rents.
Sonae Capital has five hotel units; three in Porto (Porto Palácio Hotel, The House Ribeira Hotel and The Artist Porto Hotel & Bistro) and two in Tróia (Aqualuz Tróia and Tróia Residence).