Amsterdam-based hotel group City ID has acquired historic Palace Baronesa, in Lisbon, Portugal, and will transform it into an apartment hotel, along the lines of the above image.
City ID’s first Portuguese apartment hotel will offer 88 comfortable guestroom apartments ranging from studios to larger suites. The apartments will feature fully equipped kitchens and living spaces. The jewel of Palace Baronesa will be the central interior garden featuring a full-length swimming pool together with an open-plan restaurant. Additional amenities include a signature wellness area and also communal co-working spaces.
Flagship properties
It is set to become City ID’s sixth location and one of its flagship properties, says CEO, Alexander Goad. “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.”
The historic 17th century Palace Conde-Barão de Alvito was the palatial home of the Barons (later Counts) of Alvito and is situated in Santa Catarina, one of Lisbon’s most sought after neighbourhoods.
The location will be renovated paying homage to its elaborate historic relevance and its surroundings, whilst creating a sustainable BREEAM classified building.
City ID has been supported in the acquisition process by Morais Leitao, EY, Colliers and also Alpha Link. CBRE represented the seller, which is reported to be property investment company, Morningbridge.
About City ID
City ID is a growing, award-winning and customer-centric apartment hotel group. Together with shareholders APG (one of the largest pension providers in the Netherlands) and Aware Super (one of Australia’s largest pension funds), it shares the long-term vision and passion to create apartment hotels with an entrepreneurial and modern hospitality mindset. The apartment hotel group offers fully equipped authentic design apartments with the benefits of hotel services and amenities such as gym and wellness areas and room service. A key focus for all buildings is the incorporation of innovative sustainability solutions. Target developments include new builds, (office) conversions, mixed-use schemes and existing hotel conversions of 5.000 to 20.000 square metres in prime European capital city locations.
About APG
As the largest pension provider in the Netherlands APG looks after the pensions of 4.8 million participants. It manages approximately €522 billion (February 2023) in pension assets. With approximately 3,000 employees APG works from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and also Beijing.
About Aware Super
Aware Super is one of Australia’s top performing and largest industry super funds with A$155 billion FUM. As one of the top 50 institutional investors globally, they take an active management approach to responsibly invest across real assets, including real estate, infrastructure and private equity, as well as liquid markets. Aware Super is also Australia’s largest build-to-rent investor with direct investments in residential properties across Australia, Europe and the United States.
