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Lisbon's Lapa Palace under new ownership.
Monday, 8th June 2009
Source : HVS International
Bermuda-based Orient Express Hotels has checked out of mainland Portugal with the sale of the Lapa Palace hotel.

The 109-room hotel, in Lisbon, southwest Portugal, was bought by a residential developer for €29.4 million, 22 times the hotel's 2008 EBITDA.

However, Orient Express still has a presence in the country with the 163-room Reid's Palace Hotel on the island of Madeira.

www.hvs.com

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