Last year, more than 50 new hotels opened in Portugal, with a total of 3,300 rooms added to the national tourist offer. More than half of them are 4-star hotels.
The accounting was made by Cushman & Wakefield, in the balance sheet for the year that it shared this week. Among the most significant openings are the Moov Lisboa Oriente, with 2 stars and 180 rooms, the Renaissance Porto Lapa Hotel, with 4 stars and 160 rooms, or the Masa Hotel Campo Grande, with 4 stars and 150 rooms.
This increase in supply took place in a year that consolidated the recovery of tourism activity in Portugal compared to 2022, with an across-the-board improvement in all indicators, even to values above those recorded in 2019, even before the pandemic. In particular, between January and November, guests and overnight stays increased by 13% and 10% year-on-year, respectively. At the same time, total hotel revenue rose by 20% compared to the previous year, and RevPAR by 18% to 77.3 euros.
This positive performance is also reflected in the sector's attractiveness for investment. Proof of this is that the hotel segment attracted a total of 730 million euros in 2023, the largest share of commercial real estate investment for the year. Of particular note was the purchase by Arrow of the Dom Pedro Saviotti portfolio for 250 million euros.
Cushman & Wakefield predicts that the sector will continue to grow in 2024, supported by the country's competitiveness as a tourist destination, particularly among international tourists. More than 100 new hotel projects are currently in the design and/or construction phase in Portugal, with 10,200 rooms in the pipeline, which should open within 3 years. The 4- and 5-star classifications continue to predominate in the new offer, accounting for 30% and 38% respectively. Most of the hotels will open in the metropolitan areas of Lisbon and Porto.
