JLL advises Invesco Real Estate on the largest hotel real estate transaction in Portugal

This is Invesco’s first investment in the Portuguese hotel market with the acquisition of three hotels in Lisbon for €313m

June 28, 2019

JLL has advised global real estate investment manager Invesco Real Estate (Invesco) on the acquisition of three hotels in Lisbon, Portugal for €313m. The acquisition is the largest hotel real estate transaction by value registered in Portugal to date.

Invesco acquired the hotels, Tivoli Avenida Liberdade Lisboa, Tivoli Oriente Lisboa and AVANI Avenida Liberdade Lisbon, from Minor International (MINT) on behalf of two client pooled and separate account mandates. The hotels will be operated by MINT’s subsidiary company NH Hotels (NHH), with whom Invesco has a longstanding relationship.

The hotels are located in excellent micro locations within Lisbon on the Avenida Liberdade and in the growing Parques des Nacoes business district. The Lisbon market has experienced strong demand growth, particularly from international travellers, which is expected to continue with improving infrastructure and the upcoming development of a new airport.

David Kellett, Senior Director Hotel Transactions at Invesco Real Estate, said: “We are delighted to have announced the largest hotel transaction in Portugal working in close partnership with NH Hotels and Minor. JLL provided us with commercial and advisory support from the outset and their market-leading insight and advice has helped us to close this landmark deal.”

Will Duffey, Managing Director, Hotels & Hospitality Group, JLL, added: “2018 was a record-breaking year of growth for Portuguese commercial real estate, accounting for circa €3.35 billion, driven by international demand for high-quality assets. In the last 24 months, Portugal has become a sought after hotel investment market, supported by strong demand growth, particularly from international travellers. We are thrilled to have advised on the first institutional hotel portfolio deal in Portugal, amounting to similar hotel investment volume as the previous 2 years all together. The deal represents three high quality hotels in strong micro-locations in Lisbon backed by best in class hotel operator NH Hotel Group.” 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Invesco

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ;

About Invesco Real Estate (Invesco)

Invesco Real Estate is a global leader in the real estate investment management business with €61.5bn in real estate assets under management, 508 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. In Europe, IRE has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and around 155 employees. It manages 160 assets across 13 European countries and with assets under management of €11.1bn.

Source: Invesco Real Estate as at 31 March 2019 (AUM date).