British Catalyst Capital, a real estate private equity fund manager, and BPI have contracted a green loan worth 11 million euros to refurbish the Diplomatic Hotel in Lisbon.
The loan is intended to finance the refurbishment of the Hotel Diplomático, a historic hotel in Lisbon, reinforcing the modernization of the building;and the modernization of the tourist accommodation offer, the Portuguese Investment Bank said in a statement.
This is an investment that involved the acquisition of the property and the remodeling of its 95 rooms;
The property will have 95 rooms, complemented by a restaurant, rooftop bar and parking lots, in the 4-star segment, which will be operated under the Wilde by StayCity brand, according to the financial institution.
Project awarded Leed Gold rating
The private equity firm and the bank also guarantee that the investment and financing will have sustainability concerns and objectives, in line with the strategy defined for the sector by BPI, reinforcing its role as a financier of the project; strengthening its role as a benchmark financier through the adoption of innovative solutions based on sustainability principles, adding that the project was awarded a Leed Gold rating.
The loan was fully organized, set up and underwritten by BPI. Catalyst acquired the former Hotel Diplomático in 2021 for 14.75 million euros. The unit was owned by a family business.
