65 new hotels in 2021

 In Hotel, News, Property

Sixty-five new hotels opened in Portugal in 2021, providing an additional 4,500 rooms for the business and tourism trips market.

According to numbers released by the consultants Cushman & Wakefield in a presentation on 2021, and the prospects for 2022, 45% of the new hotels that opened have four stars or more. The high profile openings included the Ikonic Lisboa (lobby area pictured), the Moxy Lisboa Oriente and the Hilton Porto Gaia.
Despite the serious nature of the pandemic in the first half of 2021, the hotel sector began a process of recovery, registering an across-the-board growth in indicators, particularly internal demand. Between January and October both the number of guests and nights spent enjoyed a like-for-like increase of 23% and 30% respectively, while revenues rose 46% and total RevPAR revenues were up 37%.
C&W said the year was buoyant partly because of the start of the sale processes for investment units in private property funds managed by ECS and Explorer investment funds, although at different rates, that will surely establish historic maximums in this sector when they materialise”.
Some 130 new hotels are slated to be opened by the end of 2024, with a total of 11,200 rooms, a pipeline that has successively been revised downwards in recent years.