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AICEP
Agência para o Investimento e Comércio Externo de Portugal

CABEÇALHO

Commerz Real Capital-Management Company (Kapitalverwaltungsgesellschaft, KVG) 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 S.A.; it was agreed that confidentiality be maintained on the purchase price. 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 40 square metres 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. Commerz Real has concluded a triple-net leasing agreement for a period of 20 years with Fontana Hotels S.A., which is operating the hotel with Hilton as the manager. This means that the lessee is responsible for the maintenance of the entire property.

 

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