This newsletter covers the Hotel market in Portugal with the focus on tracking supply and the main transactions in 2023
Main findings:
• 46% of the accommodation supply in Hotels, 55,666 rooms, is classified as four stars, from a total of 120,910 rooms and 1,666 Hotels.
• Since 2019, the total new accommodation per year is standard, averaging 2,500 rooms per year, however in 2023 were registered 3,365 new accommodations, across 57 new Hotels.
• According with HVS, the average value per room in Lisbon is expected to reach €239,000, 12% below Europe´s average (CAGR13-23 of 5%).
• We highlight the main transactions, Portfólio D. Pedro by €250M, Portfólio NH Hoteles by €123M, Palmares Ocean Living & Golf by €110M and Vila Sol Hotel by €43M, accounting more than €500M in sales last year.
• The 3M Euribor rates are slowly decreasing since Q4 2023 and are expected to stabilized on the following months. The 6M and 12M Euribor rates are decreasing since Q4 2023 and are expected to continuing decreasing on the following months. Expectation of ECB rate to decrease on S2 2024, with an immediate impact on all Euribor´s rate. Δ Euribor 3m-12m is at -0,19%.
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