A Portugal Hospitality Fund is a private equity fund (closed end) works by pooling money from several golden visa investors (typically €500,000+) to invest in Portugal’s growing tourism and hotel sector. Potential returns come from hotel operations, rental profitability, asset sales, or management fees. Hospitality Funds are regulated by the Portuguese Securities Market Commission (CMVM).
Sector Focus: The fund invests in hotel operations, serviced apartments, or hospitality-related businesses, often involving asset repositioning or development, typicaly targeting tourism areas in Lisbon, Porto, Algarve or Seas side areas
GV Conditions
Hospitality funds qualify for PGV by meeting following conditions:
- CMVM Approved
- No exposure to real estate assets (commercial or residential) permitted under GV rules
- 60% of the fund must invested in capitalization of Portuguese companies.
- No guaranteed returns.
Hospitality Investment Funds
There are so many hospitality funds available in the market (golden visa compliant). Each has distinct strategies and outcome.
| Fund Name | Fund Manager | Focus | Term | Expected ROI | Mgmt Fee | Subscription |
|---|---|---|---|---|---|---|
| Mercan Hospitality Fund I & II | Mercan | Hotels | 6–12 yrs | 2% | Contact | Contact |
| Portugal Prime Hospitality Fund | Portugal Prime | Hospitality | 8 yrs | 10% IRR | 0.20–0.50% | 0% |
| Lakeview Hospitality Fund | TBD | Tourism Development | 6 yrs | 5% IRR / Asset Exit | 0% | 0% |
| Vida II Hospitality Growth Fund | STAG | Hospitality | 7 yrs | 10% | 2% | 3% |
| Hotel Invest Fund | Fundbox | Hospitality | 10% | |||
| Monarque Portugal Hospitality Fund | Golden Monarque | Hospitality | 8 yrs | Contact | 2% | 3% |
| Porto Hotel Fund | TBD | Hotel Assets | 10 yrs | 11% IRR | 1.2% | Contact |
| Quadrantis Hospitality Fund | Quadrantis | Hilton / Student Housing | 10 yrs | 6% | 2% | N/A |
| Ando Europe Fund | Stag | Hospitality Brand | 7+ yrs | 8–10% | 1.8% | 1% |
| Flex Space Fund | Insula Capital | Coworking Offices | 8 yrs | Contact | Contact | Contact |
| Haven Hospitality Fund | Magnify Capital Partners | 12yrs | 4.5% | 1.5% | None |
What Drives Hospitality Market
- Rise in Tourism demand and higher arrivals
- Warm climate with sunny beaches.
- The Attractiveness of Portugal as stable country,
- High demand / growth of property market (appreciation of rental/sales)
- Attractiveness of Golden visa program
Tourism
Portugal’s tourism industry continued to thrive in 2024, attracting millions of visitors from around the world. Known for its rich history, scenic coastlines, and vibrant culture, the country remained a top destination in Europe. Over the past 15 years, hospitality revenue has demonstrated consistent growth, only interrupted by a temporary decline during the COVID-19 pandemic, followed by a strong and sustained recovery. Post-pandemic, the sector continued its upwards trajectory. According to Portugal Hotel Chains report,
- Revenue per Available Room (RevPAR) rising to €112.6.
- Hotel revenues increased by 12%,
- Room occupancy rate reaching 62.3%.
- American arrivals increasing by 13% year-onyear.
According to Statista, The Hotels market in Portugal is predicted to witness an upward trend with respect to revenue, with an estimated value of US$1.15bn in 2025. The expected annual growth rate (CAGR 2025-2030) is 5.85%, leading to a projected market volume of US$1.53bn by 2030.
