Commerz Real Capital-Management has acquired a hotel complex in Lisbon managed under the DoubleTree by Hilton brand for its “Commerz Real Institutional Hotel Fund”. The seller is the Portuguese project developer Turismadeira. The purchase price was not disclosed. The property will be operated by Fontana Hotels.
Located on Rua Engenheiro Vieira da Silva in the central business district, the ensemble comprises the four-star hotel DoubleTree by Hilton Lisbon, Fontana Park, which as a building was erected in 1910 and comprehensively modernised into a hotel in 2008, and an extension currently under construction. The existing seven-storey hotel has 146 rooms and 62 car parking spaces, as well as conference areas, two restaurants, a bar and a fitness zone. Following its anticipated completion in 2020 the extension development is to have 80 suites with about 40m² on average and 40 car parking spaces. In addition, there is to be a new large conference hall and ballroom. It will be connected to the existing building as well as to a new main restaurant.
“Lisbon has established itself as one of the leading tourism destinations in Europe,” said Dirk Schuldes, Global Head of Hospitality at Commerz Real. “At the same time, the hotel market profits from an increasing amount of business travellers as a result of numerous international trade fairs in the capital.”