Apartment hotel group City ID is expanding into Portugal with the acquisition of its sixth property, the Palace Baronesa in Lisbon, from an undisclosed buyer for an unnamed amount.
The property will be renovated with the plan to create a BREEAM classified building.
When completed, the apartment hotel will offer 88 comfortable guestroom apartments ranging from studios to larger suites. The apartments will feature kitchens and living spaces. There will alos be a central interior garden featuring a full-length swimming pool together with an open-plan restaurant. Additional amenities include a wellness area and communal co-working spaces.
City ID is backed by shareholders APG, one of the largest pension providers in the Netherlands and Aware Super, one of Australia’s largest pension funds.
Colliers Portugal as acted as advisor on the buy-side.
Hospitality Investor’s sister event, the Resort and Residential Hospitality Forum, will be heading to Lisbon later this year. You can register for the event, here.
Why this matters
Aparthotels were one of the biggest winners coming out of the pandemic thanks in part to the changing habit of the consumers. Hotels in general have been slow to adapt to the impact of Airbnb, which offers much more flexibility when it comes to certain business and leisure stays. Into the gap has come new players like City ID.
What they said
Alexander Goad, CEO at City ID, said: “After our locations in Amsterdam, London and Dublin, City ID is expanding into Southern Europe with this great acquisition in Lisbon. We will maintain and respect the heritage and features of the fantastic historic building, whilst creating a future proof and sustainable structure. We are thrilled with this new milestone for our international roll out and we are looking forward to the realization and opening of this location.”