Tourism - Investment Opportunities in Portugal Final MMB

PortugalINVESTMENT OPPORTUNITIES

Tourism

Tourism in Portugal

More diversity per m 2

� Portugal is a unique destination : no other country in Europe can offer so muchdiversity within such short distances. A destination with sunshine and the Atlantic Ocean,the history of all the continents concentrated in just one place, a People who speakeveryone’s language because they speak the universal language of emotion.

� Our visitors always want to return.

☼ 26 million room nights of foreign visitors in2011 in Portugal: a 10% increase comparedto 2010.

☼ Hotel occupancy rates on average of about52% em 2011.

☼ Positive tourism balance in 2011: € 5.1 Million(an increase of 11.3% compared to 2010).

Portugal: a leading tourism destination

According to the Travel & TourismCompetitiveness Index 2011 of the WorldEconomic Forum, Portugal occupies the 18ªposition out of 139 countries .

Sub-rankings in which Portugal has best scored:

☼ Touristic Infrastructure : # 14;

☼ Cultural resources : # 11;

Tourism in Portugal

(an increase of 11.3% compared to 2010).

☼ Main countries of origin in 2011 : Spain(18.7%), United Kingdom (16.7%), Germany(10%), France (8.9%) and Brazil (6.2%).

☼ Environmental Sustainability : # 17;

☼ Quality of roadway : # 8;

☼ Sports Stadiums : # 14;

☼ International Fairs : # 15.

Source: Turismo de Portugal, 2011

Portugal: a TOP Golf destiny in Europe

Golf Courses with high environmentalsustainability:� 79 golf courses, 47% in Algarve region;� Over 1,5 million rounds are played all year round;

International Association of Golf Tour Operators (IAGTO) awards for Portugal:

� Golf Resort of the Year – Europe(Hotel Dona Filipa & San Lorenzo Golf

Tourism in Portugal

year round;� Courses designed by the world’s most conceited architects.

(Hotel Dona Filipa & San Lorenzo Golf Resort in 2009; Praia D’El Rey Golf & Beach Resort in 2006);� Golf Destination of the Year –Europe (Lisbon in 2007 and 2003; Algarve in 2006).

(eg. Robert Trent Jones Jr., Arnold Palmer, Jack Nicklaus, ArthurHills, Nick Faldo ou S. Ballesteros)

Sources: Deloitte/ CNIG, Annual Golf Report 2008, April 2009

• Tourism consumption in the Portuguese territory in 2010 achieved 9.2% of the national GDP ;

• Tourism consumption has represented €16.000 million in the same year;

• Tourism contribution for the Gross Value Added of the Portuguese economy in 2010, achieved €6.300 million .

Weather Summer Winter

Average Temperature at

12:00

25 ºC 16 ºC

Average hours of sun per day 12 h 7 h

Average number of dry days per

month28 days 15 days

Tourism in Portugal

Source: Turismo de Portugal

Satisfied customers

According to the recent Survey of Tourists Satisfaction, issued by the Tourism of Portugal Institute, dated of April 2012, the tourists felt globally satisfied their holidays in Portugal.

Tourism in Portugal

Are globally

Soure: Estudo de Satisfação de Turistas, Turismo de Portugal, GFK

Tourists from Brazil are among the most enthusiastic in the results of the inquiries, as their satisfaction levels are higher than the average.

Are satisfied with Portuguese natural and cultural offer

Are globally satisfied with Portuguese natural and cultural offer

Overview – PIN’s

The acknowledgment of Potential National Interest (PIN) to aninvestment project means the recognition of its positive impact and meritto the Portuguese economy.

These projects represent a global amount of more than €25 million andwere evaluated and are monitored by the Portuguese Government, inwere evaluated and are monitored by the Portuguese Government, inwhat concern their viability and compliance of territorial andenvironmental regulations.

The goal is to remove bureaucratic obstacles to investment and promoteactivities that diversify the existent economic base, by positivediscrimination in terms of procedure promptness.

Specific projects: Specific projects: some examples

8

Royal Óbidos

99

Project description

• Investor Royal Óbidos – Promoção e Gestão Imobiliária e Turís tica, S.A. / MSF TUR.IM SGPS, S.A.

• Brand Royal Óbidos

Royal Óbidos

Project description

Luxury resort in the Municipality of Obidos, Portuguese

Silver Coast, designed especially for golf, and including: a

5-star hotel on the golf course with 18 holes, two village

resorts and a range of equipment and complementary

infrastructures.

Financial Financial InformationInformation

Break-even Year 2019

IRR 10,80%

NPV 10.231.228 €

Payback Period 13 Years

ROI 13,15 %

Project OverviewProject Overview

Global Investment Amount 194M Euros

Location Óbidos

Scope Luxury SPA & Golf resort

Royal Óbidos

1111

Investment start Year 2006

Investment end Year 2020

Operation start Year 2012

Commercial launch Year 2011

PIN Project Yes

Herdade da Comporta

2 Tourism Development Areas:

� Comporta Links (TDA 2): 365 hectares

Located on the Alentejo coast, about one hour south of Lisbon and a few hours away from themost important capitals of Central Europe. Herdade da Comporta is the largest private ownedestate in Portugal : 12.500 hectares of natural environment and 12 km of unspoiled coast line.

1212

� Comporta Dunes (TDA 3): 377 hectares

4 Hotels + 432 Tourism Units + 245 Residential Units + 1 Golf Course (140 ha) designed by Tom Fazio

AMAN HOTEL & Villas + 4 Hotels + 552 Tourism Units + 266 Residential Units + 1 Golf Course (100 ha) designed by David McLay Kidd

Project description

Two high quality / low density tourism developments,perfectly integrated with the natural preservedenvironment, for tourism and residential purposes, close

• Investor Herdade da Comporta (ESPIRITO SANTO GROUP)

• Brand Comporta: Comporta Dunes & Comporta Links

Herdade da Comporta

A

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Oto the Atlantic Ocean, with more than 12 Km long beachfront line, one hour away from Lisbon and less than twohours away from the Algarve.

The first AMAN hotel in western Europe, with 40 roomsand 36 serviced Villas.

Two international class Golf Courses: Comporta Links,designed by Tom Fazio (has been appointed the VenueCandidate of Portugal to the Ryder Cup Match 2018), andComporta Dunes, designed by David McLay Kidd.

General Infrastructures under construction.

Hotel AMAN and Comporta Dunes Golf Course openingschedule in 2014.

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Financial Financial Information *Information *


IRR

NPV

Payback Period

ROI 61 %



Global Investment Amount 600 M Euros

Location Comporta

Scope Luxury Tourism Development, Golf

Herdade da Comporta

1414





PIN Project Yes

Bom Sucesso

1515

Project description

Tourism development project of international reach, in the

• Investor Acordo Óbidos - Empreendimentos Turísticos, S.A.

• Brand BOM SUCESSO - DESIGN RESORT, LEISURE & GOLF

Bom Sucesso

Tourism development project of international reach, in thewestern coast region of Portugal.

The project involves, in its initial stage, the BOM SUCESSO –Lagoa Golf Tourism Village, comprising 601 housing units, with325 individual plots for detached villas and 276 townhouses, a120-room 5-star Hotel & SPA by Hilton International and diverseand comprehensive leisure facilities and services, including an18-hole championship golf course ( + 9 holes - futurephase),Tennis Club and Paddle Courts, Professional FootballGround, Sports Fishing Lake, Rowing Club, Fitness Trail,Swimming – Pool, Kids Park, Pet Hotel, Heliport, DedicatedBeach, Shops, Restaurant and Bar and Design Museum.


Break-even Year 2015*

IRR 25,00%**

NPV 70.000.000 €


ROI 15,00 %



Location Óbidos

Scope Design Resort, Leisure & Golf

Bom Sucesso

1717



Operation start Year 2009***


PIN Project Yes

Tróia Resort

1818

Project description

Troiaresort is already fully operational, with phase 1 and 2 of the

• Investor Sonae Turismo

• Brand Troiaresort / Aqualuz Suite Hotel Apartamentos

Tróia Resort

Troiaresort is already fully operational, with phase 1 and 2 of theproject completed. This project includes a new marina with 184berths, Tourist Apartments, townhouses, plots for villas, shoppingarea, three 4* Aparthotels with the brand Aqualuz which are runby Sonae Turismo, one 5* hotel and congress center for over1.000 persons that staged numerous events over the last year,and a renovated 18th hole golf course, ranked by the magazine"Golf World" as the 20th best golf course in Europe, designed byRobert Trent Jones Senior, these features confirm the potential ofthe region and its development. Also, Troiaresort was the firstresort in Portugal to implement an environmental managementsystem (EMS) according to the international standard ISO 14001covering the planning, construction and operation of the resort.


Break-even n.a.

IRR n.a.

NPV n.a.

Payback Period n.a.

ROI n.a.



Location Tróia

Scope Luxury Resort

Tróia Resort

* SONAE - listed in the NYSE Euronext Lisbon

2020


Investment end n.a.



PIN Project Yes

Falésia D’El Rey

2121

Project description

Falésia d’El rey is a spectacular 230-hectare front-line ocean site

• Investor Beltico, S.G.P.S.

• Brand Falésia D’El Rey

Falésia D’El Rey

Falésia d’El rey is a spectacular 230-hectare front-line ocean sitebordering Praia d’El rey, only 50 minutes north of Lisbon’sinternational airport and overlooking the beaches of the nearbyÓbidos lagoon and is declared a Project of national Interest bythe Portuguese authorities.

Main components - five star luxury resort, with an 18 hole linksgolf course (designed by the world renowned american golfcourse architect Pete Dye) and golf clubhouse and a five starcontemporary hotel overlooking the sea, plus a boutique hotelwith spa, swimming pools, tennis courts, shops, exercise circuitsand 475 luxury properties will be created ange from apartments(192) and townhouses (205) to luxury detached villas (78). Usingthe latest eco-construction.



IRR 25,30 %

NPV 44.610.542,00 €


ROI 38,00% *



Location Óbidos

Scope Luxury Resort, Real Estate, Golf

Falésia D’El Rey

* SONAE - listed in the NYSE Euronext Lisbon

2323





PIN Project Yes

Évora Resort

2424

Project description

• Investor Frontino - Turismo S.A.

• Brand* Évora Resort

Évora Resort

Project description

Residential Tourism in rural environment. Low density ofconstruction (3% of the area), beautiful Alentejo landscape,privileged location (6km from Évora - Human Heritage CityUNESCO, 120 km from Lisbon, 450 km from Madrid. Greataccessibility (TGV Lisbon-Madrid Station at 500 m from site readyin 2014, Exit of Motorway Lisbon - Madrid at 200m).

Main components - 5 touristic Villas Complex, each of them withone different anchor activity (golf, gastronomy and wine,horsesriding and nature). 2 hotels, one full-service and a charmhotel near the winery.



IRR 12,00%

NPV 40.000.000 €


ROI 19,00% *



Location Évora

Scope Residential tourism

Évora Resort

2626





PIN Project Yes

Golf da Lontra

2727

Project description

• Investor GOLFINVEST, S.A.

• Brand Covas – Green Resort, Golf & SPA

Golf da Lontra

Project description

Main components:

18 holes’ golf courses + 9 holes’ courses. A total of 3 alternativecircuits for competition | 5 Star Hotel with Spa | Aparthotel | 3Touristic Villas with habitations | Clubhouse with 4 star Hotel |Biologic farm | Tennis Court and Swimming-pool | EquestrianCentre | Mini-golf | Open air amphitheatre. 1h from Porto (PT)and Vigo (ES).

Financial Financial Information*Information*


IRR 15%

NPV 21.000.000 €


ROI 24,00 % *



Location Covas (Minho Region)

Scope Green Resort, Golf & SPA

Golf da Lontra

2929





PIN Project No

Pinheirinho, a Hyatt Golf and Beach Resort

Pinheirinho, a Hyatt Golf and Beach Resort is an exclusive 5 s tar luxury resort on Portugal’sAlentejo Coast, managed by Hyatt Hotels & Resorts – a world pr emier hotel company with more than350 hotels all over the world. Pinheirinho benefits from a pr ivileged location considering not onlythe city of Lisbon (1 hour), but is also about 20 minutes of the beaches of Comporta and Tróia andless than two hours away from Evora, Beja, Algarve and the Spa nish border

3030

• Pelicano SGPS, SA

• Hyatt Hotels & Resort


Total Resort Area: 2.000.000sqmTotal GBA: 195.814sqmNº Beds: 2.911

Number of Units: 1.104 (aprox.)

Luxury Villas, Resort Apartments, Resort

Park Hyatt Além-Tejo with 160 rooms

27 holes championship golf course with Club House

7 Restaurants & Bars

Convention Centre

Sports Centre

Beach Club


Break-even n/a

IRR n/a

NPV n/a

Payback Period n/a

ROI n/a


Global Investment Amount 450.000.000 Euros

Location Grândola, Portugal

Scope Hospitality & Real Estate


3232

Investment start 2009

Investment end 2020

Operation start 2014

Commercial launch 2012

PIN Project 081

One Planet Living Greenwoods Eco Resort - Mata de Sesimbra

The OPL Greenwoods Eco-Resort is a 5* luxury resort located i n Sesimbra, just 30 mins away fromLisbon. This unique development brings together sustainab le housing, nature conservation,reforestation and ecofriendly transport. The resort is in p artnership with WWF International andBioRegional and aims to apply the One Planet Living principl es.

3333 Design by

• Greenwoods, Lda.

• OPL/ WWF / Foster & Partners


Location: Sesimbra (between Lisbon and Setúbal)

Total Plan Area: 5.200 hectares

Total Resort Area: 700 hextares

Reforestation Area: 3.000 hectares

Hotels: 3 Units (5*)

Tourism Resorts (Villas and Apartments) Units distributed in 10 Resorts (5*)

Golf Courses: 3

Leisure Centre, Sports Centre, Religious Centre and Medical Centre


Break-even n/a

IRR n/a

NPV n/a

Payback Period n/a

ROI n/a


Global Investment Amount 1,138,000,000 €

Location Sesimbra, Portugal

Scope Hospitality & Real Estate


3535


Investment end 2023



PIN Project 041

CostaTerra

ResortCommunity

3636

ResortCommunityCostaTerra’s vision is of a diverse resort community with both holiday

accommodation and residential development, along with comprehensive and

exciting supporting amenities and services. It’s an area ofbreathtaking natural

beauty within a culturally and historically vibrant environment.

Located in the Alentejo Coast, only one hour drive South of Lisbon and from

it’s International Airport, The resort centres around the hotel and resort

village, located at the development’s heart. Residential villas, apartments and

townhouses comprise the majority of land area, with amenities located

throughout. These include the golf course and clubhouse, the equestrian

centre, spa, country club, and northern boutique hotel, which ensure a rich

range of land uses and activities.

Investor: Mr. Pedro Queiroz Pereirais one of the leading industrial entrepreneurs in Portugal,with main interests in: Pulp and Paper(Portucel),Cement(Secil),Urban Hotels

& Real Estate(Hotel Ritz Four Seasons, Lisbon and Hotel Villa Magna, Madrid), Resorts(CostaTerra)

CostaTerra

The Brand:Four Seasons Hotels & Resorts under negotiation for Hotel (100 rooms + 30 tents) & Residences (30 villas; 70 apartaments)

The Project: CostaTerra, Leisure Resort

Total Development Area: 330ha

Total Construction GBA: 320.000 sqm

� Exclusive beachfront hotel Approximately 100 hotel keys, plus 30 tents

� Branded residential Approx 30villas and 70 apartments

� Traditional Inn20 Keys

� Villagios255 Units

� Villas300 Units

� Resort Golf Course 18-hole, par 72 with 1,500sqm golf club

� Resort village Mixed-use commercial, retail and residential

� Equestrian centre Complete 4,000sqm facility

� Medical Spa

� Hotel Country Club Approximately 100 hotel keys

� Championship Golf CourseRyder Cup class

� Eco-Lodge 20 rooms

� Biological Farm38ha of Strawberry’s, Blueberry’s, Melon,

Zucchini. Possible extension to 85ha

� Biological Honey ProductionProduction of 120k/Y

CostaTerra

Project Overview Financial Information

GLOBAL INVESTMENT AMOUNT: €318MLAND €107M

CONSTRUCTION €211M

LOCATION

CostaTerra’s location on Alentejo’s 40km coast is

advantageous both in terms of access and setting. It is only one

hour’s drive south of Lisbon and from it’s International

BREAK-EVEN: -

IRR: 24%

NPV: €62M (@11%)

PAYBACK PERIOD: 10Y

ROI: -

3838

hour’s drive south of Lisbon and from it’s International

Airport. It is close to the existing villages of Fontainhas,

Melides and Pinheiro da Cruz, and beaches “Praia da Aberta

Nova”, “Praia da Galé” and “Praia da Raposa”. These all fall

within the attractive rural Municipality of Grândola whichhas

a population of around 15,000.

SCOPE

Resort community focused on 3 kms beach front, golf courses,

equestrean centre, hotels, luxury villas, Apartments, biological

farm, etc.

PIN PROJECT: 027

ROI: -

INVESTMENT START: 2011

INVESTMENT END: -

OPERATION START: 2014

COMMERCIL LAUNCH: 2013

Herdade Defesa de São Brás

3939

Presentation of Opportunity

The Sociedade Agrícola Defesa de São Brás (Defesa de São Brás Agricultural Company) is the promoter of the Herdade Defesa de São Brás resort, in Moura, 50 km from Évora and 60 km from Beja Airport.

The overall project, with Detailed Plan already approved, is considered to be a PIN project – a Project of National Interest. The project comprises a broad series of areas, namely: 4 and 5 star hotels, spa, residential tourism sector, two 18-hole golf courses, tennis school, riding centre, a large nature reserve, areas for events and meetings, several shops, as well as other supporting structures, in terms of leisure, sports and entertainment.

Its location between the Grande Lago do Alqueva and the Pedrógão Dam, as well as its vast size (over 950 hectares or 2,347 acres) give this project a competitive edge, allowing for a phased and thus sustainable development

The overall concept of the project is to recreate a n environment of Alentejo Farms (known as “Montes”), combining farming / forestry, local produce, traditions and costumes, with the tourist industry.

Tourist Accommodation:

•Hotel-apartment on the Golf course

•Spa Hotel


Residential Tourism Accommodation:

•Golf, Mountain and Lake Villas and Apartments

Supporting facilities, Sports, Entertainment, Leisu re and Culture :

•Golf Courses | Equestrian Centre

•Sports Centre | Tennis, Squash and Paddle Club

•Children’s Club and Youth Club;

•Hunting Tourism Zone | Agro-Silvo-Pastoral farm

•Alqueva and Pedrógão Lakes

•Cultural Centre | Theme Park (Birdwatching)

The Herdade Defesa de São Brás’s development progra mme:


Break-even

IRR 17% - 21%

NPV €130 M - €150 M

Payback Period

ROI


Global Investment Amount € 520 Millions

Location Moura – Alqueva Dam

Scope Tourist Resort


4141


Investment end 2027



PIN Project 102

Benamor Golf Resort

AHotel and services - 15 000 m2

– 120 rooms/suites (240 beds), – all services related to the hotel

Establishments - 8910 m2

• Investor:

• Brand:BENAMOR ACTIVIDADES TURISTICAS

BENAMOR GOLF

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DHouses and apartments: – 13 units of type T2 (39 beds)– 15 units with 3 bedrooms (60

beds) – 12 units of type T4 (60 beds)

Maintenance of existing Golf Course

www.benamorgolf.com


Break-even 2 years

IRR 9,22%

NPV 11.586.300,65€

Payback Period 20 years

ROI 83%


Global Investment Amount 43.047.270,00€

Location Conceição de Tavira, Algarve, Portugal

Scope Residential and Touristic Resort

Benamor Golf Resort

4343


Investment end 2017



PIN Project no

Vale Paraíso – Tomar

Vale Paraíso is a property with a total area of531.950m2, under a development planapproved of the tourism area, based on aconcept of ECO RESORT.

The property sets in Ecologically ReservedArea and is located on the outskirts ofAlbufeira de Castelo do Bode, a privilegedarea of idyllic landscapes.

The Project Plan Detail for the ParadiseValley - Eco Resort comprises theconstruction of a tourism village with housingunits such us detached villas, townhousesand apartments sets.

It also comprises a Detail Plan set of supportinfrastructures such as a marina, commerceand service units, sport and recreation withplaying fields, swimming pools and hiking

Vale Paraíso Property Vale Paraíso Property

Property Landscape Overview

4444General Presentation, Photos, etc .

playing fields, swimming pools and hikingtrails. The property Vale Paraíso - Eco Resortit's a urban system integrated with severalexisting and planned road accessibility,public transport, utilities and healthcare.

The project approved is guaranteed by thepotential economic viability of tourism marketin the region due to the number of beds,different types of housing units and thesupply of local goods and services, which thisproject embraces. This Project is a responseto the great need that exists in respect of thesupply / demand of this tourism area highlysought by touristsfrom around the world.

Invest or live in Albufeira de Castelo do Bodeis to choose a lifestyle powered by beautifulrivers, lakes, forests and mountains, wherethe contact with tradition and culture inspiresserenity, tranquility and happiness. A newconcept of well-being and quality of life!

Castelo do Bode Landscape Castelo do Bode Landscape Castelo do Bode Landscape


531.950,00sq.m21.115,00sq.m30.060,00sq.m193un.636un.520un.

23.635,00sq.m1.520,00sq.m1.650,00sq.m28.988,00sq.m2.492,00sq.m

52.035,00sq.m10.149,00sq.m25.535,00sq.m2.493,00sq.m

Property area:Deployment area:

Gross construction area:Nr. accommodation units:

Max. number of beds:Max. number parking spaces:

Impermeable AreasHousing units:

Commerce and services support:Sport and recreation support units:

Pavement network:Footpaths to be build:

Permeable Areas Cottage private gardes:

Areas for sport and recreation:Nature areas:

Footpaths to be build:

Urbanistic PlanProperty Project Plan

Urbanistic Plan

Detached House:Max. area of deployment:Max. area of construction:

Max. number of beds:

Townhouse:Max. area of deployment:Max. area of construction:


Apartments:Max. area of deployment:Max. area of construction:


Shopping and Service Areas:Max. area of deployment:Max. area of construction:

Recreation Areas:Max. area of deployment:Max. impermeable area:

96un.14.400,00sq.m19.200,00sq.m384un.

18un.1.795,00sq.m2.340,00sq.m54un.

79un.3.500,00sq.m6.600,00sq.m198un.

2un.1.250,00sq.m1.750,00sq.m

3un.150,00sq.m1.650,00sq.m

Apartments Units Townhouse Units Detached House Marina & ServiceRecreation UnitsShopping & Service


Break-even 3 years

IRR 4,18

NPV 14.192.682€

Payback Period 5 / 7 years

ROI 0,40


Property Investment Amount 10.500.000€

Global Investment Amount 40.000.000€

Location Tomar

Geographic Location 39º35’41.07N 8º14’58.95O

Scope Plot for construction

Developement plan aproved


4646

Investment start xxx

Investment end xxx

Operation start xxx

Commercial launch xxx

PIN Project no

Web Link - Videos www.vale-paraiso.comwww.vale-paraiso.net

PESTANA TRÓIA ECO -RESORT

DISCOVER YOUR NATUREA unique and exclusive eco-resort

2 km of pristine beaches on a plot of 100 hectares

• 5 minutes walking distance from the villas and townhouses

• exclusive access from the Resort

• Restaurant Bar and beach support facilities

Sport, Leisure and Services

4747

Sport, Leisure and Services

• Centre with shops and basic services

• Owners Clubhouse with an outdoor and indoor swimming pool, Fitness Centre and Spa

• Tennis courts, multipurpose sports field and cycle path

• Kids club and adventure park

Designed to respect the environment

• The lowest density construction in the region

• Intelligent architectural solutions and buildings adapted to the local topography

• Low impact materials and options which make rational use natural resources

• Investor: Sociedade Imobiliária Tróia B3, S.A.

• Brands: Pestana Residences | Pestana Hotels & Resorts


PESTANA TRÓIA ECO-RESORT

Townhouses• Plots from 500m2 to 880m2

• 35 townhouses 2+1 bedroom, with 120m2 plus terrace with 40 m2

• First phase due for completion and ready to occupy from the Summer of 2012

First Phase – Project (2011/2012)

Exclusive Residences• 41 plots, 15 of which are only 200 metres from the beach

• Land/plots between 850 and 4.350m2

• 8 different architectural projects to choose from for villas between 220 and 300m2

• Possible delivery in 12 months• Possible delivery in 12 months

Second Phase – Project (2013/2014)

Third Phase – Project (2015/2016)

Exclusive Residences• 41 plots, 15 of which are only 200 metres from the beach (same characteristics of the

exclusive residences of the first phase)

Townhouses• Plots from 500m2 to 880m2

• 44 townhouses 2+1 bedroom, with 120m2 plus terrace with 40 m2

Apart-Hotel

• 150 apartments


Break-even N.A.

IRR 23%

NPV 19 M€

Payback Period 6 years

ROI N.A.


Global Investment Amount 78,7 M€

Location TRÓIA

Scope TURISMO RESIDENCIAL


5050

Investment start ABRIL 2011

Investment end FASE 1 – JUNHO 2012

Operation start AGOSTO 2012

Commercial launch JUNHO 2011

PIN Project PROJECTO PIN

Golden Residence Permit

Enables citizens of non-European Union Countries to obtain a special residence permit in Portugal for a period of one year, renewable for two consecutive periods of 2 years, upon completion of investment requirements.

After the initial 5 year period, the applicant may ask for the renewal of the special residence permit for consecutive periods of 2 years or may apply for

Advantages

consecutive periods of 2 years or may apply for Portuguese citizenship in accordance with the law.

Portuguese legislation enables the investor’s immediate family to benefit from the program.

Law 29/2012 and Decree 11820-A/2012


The investor must demonstrate having fulfilled, directly or through a company, one of the following conditions:

• Complete a capital transference of a minimum of

1 million Euros;

• Create 30 jobs ;

Investment Requirements

• Create 30 jobs ;

• Acquire real estate in a minimum amount of 500 thousand Euros.

Conditions must have been previously fulfilled when applying for the Program.

52


Where can I get additional information?At the Portuguese Embassies or Consulates, or at the following website: www.portugalglobal.pt

How do I start the process?After you have decided to proceed with one of the eligible investments for the Program, you request a regular visa at the closest Portuguese Embassy or Consulate. Within 90 day of the issuance of this visa, you must apply, in Portugal, for the Golden Residence Permit. The application is presented at the Immigration Offices (SEF),

Frequently Asked Questions

Is a purchase agreement (Contrato Promessa de Compra e Venda) sufficient to meet the eligibility criteria)?

If the investor is acquiring property in Portugal, only the definitive deed confirming ownership will be accepted to confirm eligibility under the Program.

Does the Golden Residence Permit affect my tax status?No. Access to the program does not imply a change in your tax residence.

53

Some Portuguese players for further contact:

VILA GALÉ HOTEISwww.vilagale.ptGonçalo Rebelo de [email protected]

PESTANA HOTELS & RESORTSwww.pestana.comJosé Roquette

AMORIM TURISMOwww.amorimturismo.ptJorge Armindo

DOM PEDRO HOTELSwww.dompedro.comPedro [email protected]

TIVOLI HOTELS & RESORTSwww.tivolihotels.comAlexandre Solleiro [email protected]

José [email protected]

Jorge [email protected]

COLUMBIA HOSPITALITY INTERNATIONALwww.columbiahospitalityinternational.comMartinho Fortunato [email protected]

Some Portuguese institutional partners:

TURISMO DE PORTUGAL

www.turismodeportugal.ptCarlos [email protected]

AHT (Portuguese Hotel Association)

www.hoteis-portugal.pt

Cristina Siza [email protected]

Portugal

INVESTMENT OPPORTUNITIESINVESTMENT OPPORTUNITIES

in tourism

For further information, please contact: [email protected]

Documents

Tourism - Investment Opportunities in Portugal Final MMB