The interest highlights the attractiveness of the Portuguese market, amidst sustained growth in tourism driven largely by an increase in high-spending American visitors.
Despite global macroeconomic uncertainty, including risks related to inflation and recent economic policies in the United States, the Portuguese hotel market remains resilient, confirmed experts from Cushman & Wakefield (C&W), JLL, CBRE, and Savills.
“We have been observing consistent and diverse activity from various investor profiles in the sector,” stated Pedro Simões, Head of Capital Markets at Savills, noting that while international funds continue to lead in volume, “there is a notable increase in participation from family offices with consolidated market operations, demonstrating a clear appetite for long-term expansion strategies focused on assets in prime locations with high potential for appreciation.”
The consultant has also observed “a slight increase in interest from high-net-worth individuals (HNWI) from North and South America,” with a particular focus on urban center hotels, “attracted by the sector’s resilience and Europe’s relative political and economic stability, offering a safe haven for capital diversification.”
According to Gonçalo Garcia, Head of the Hospitality Department at Cushman & Wakefield Portugal, “international funds present in Portugal, national hotel groups, and predominantly Spanish family offices” remain the most active in acquiring hotel assets in Portugal.
The trend towards sector professionalization and diversification is also emphasized by JLL.
“The Portuguese market is increasingly an international, mature market with growing interest from large international players. There is also the influx of capital from private investors, notably Spanish family offices,” stated Augusto Lobo, Head of Capital Markets at the consultancy.
Meanwhile, CBRE points to the growth of “owner-operators”—hotel operators who own their properties—coming forward as a new face of investment. “These types of investors have shown appetite and are well-capitalized, and therefore have the means to invest,” said José Maria Coutinho, Head of Research at CBRE Portugal.
The attractiveness of Portugal for these types of investors is also explained by the evolution of tourism, especially from the American market. U.S. tourists currently represent one of the fastest-growing segments in Portugal in terms of both numbers and average spending, according to official data.
