DHM nets €75M in 2022
The Portuguese hotel group DHM closed 2022 with a record turnover of €75 million.
DHM (Discovery Hotel Management) which is held by the fund Discovery saw turnover up 36% on 2019 and forecasts that 2023 will exceed the record result last year with a €100 million turnover.
The increase in turnover — the company was founded in 2014 and specialises in rescuing and restructuring hotels that were essentially bankrupt — was accompanied by an investment of around a €30 million in two new projects that will be launched this year in the Vale do Tejo and Algarve areas according to the online news source ECO.
The CEO of DHM, Luís Mexia Alves would expand its portfolio as well as very relevant investments. The new projects were not 100% closed and are still in the licensing phase, but will involve investments of €30 million.
Some of this amount will be used for refurbishments and improvements of existing hotel stock, although the vast majority of the capital will be channelled to the two new projects.
The company has 17 hotels, of which eight are design hotels under the brand Octant. It also has five golf courses and 11 real estate developments.
Last week it opened the Crowne Plaza Caparica Lisbon hotel (pictured) which involved a €9.7 million investment and is the most recent asset in the group.
Among the hotels in the group’s portfolio is the Octante Évora at the Herdade do Perdiganito, which had belonged to one of the failed companies belonging to Vítor Baía, a debtor on the black list at Caixa Geral de Depósitos (CGD) bank.