Cushman & Wakefield announced the completion of the sale of the Vintage Lisboa in Lisbon’s Prime CBD.
Five-star Vintage Lisboa is located on Rua Rodrigo da Fonseca, one of the most appealing areas in the CBD, between Avenida da Liberdade and Príncipe Real. The hotel has 56 rooms, restaurant, bar, spa and a rooftop with views over Lisbon.
Cushman & Wakefield structured the sale of the property on behalf of the vendor, ECS Capital, to Morningbridge Capital which has been acquiring and developing hospitality and real estate assets in Lisbon and Porto since 2013. Morningbridge is a joint venture between international hotel specialist Mornington Capital and local development company Bridgehead Capital. The new owner will reposition this hotel and take advantage of the excellent characteristics of this property and of the growing tourism market in Lisbon.
According to João Carias, Associate from the Capital Markets team in Lisbon, “The sale of Vintage Lisboa Hotel proves how appealing this asset class is for the international buyers. Understanding the investment fundamentals was critical for the buyer to outpace the strong competition throughout the sale process”. Gonçalo Garcia, Head of the Hospitality team, highlights that “there is a growing interest from international players in the Portuguese market, not only in urban consolidated markets but also on leisure driven destinations, boosted by the strong results of the industry, which continues to exceed expectations.”
Christopher Eddis from Morningbridge responded: “We are delighted to add this hotel to our expanding hospitality portfolio in Portugal. After refurbishment, we expect this hotel to sit proudly alongside our existing boutique hotel The Lumiares, in Bairro Alto, and to complement our other development projects in Lisbon and Porto.”