The numbers only confirm what has been felt on the ground for some time. The tourism and hospitality sector has entered a new phase of maturity, more qualified, more valued, and increasingly interesting for large national and international investors.

Until November of this year, hotel investment in Portugal reached 341 million euros. This figure places hospitality as the second most important asset class in national commercial real estate, only behind retail. It is a clear sign of confidence in the country and its ability to continue to attract tourists with high purchasing power.

Portugal today occupies a central role in the hotel dynamism of the Iberian Peninsula. In the first nine months of the year alone, Iberia concentrated 19 percent of all European hotel investment, for a total of 16 billion euros at the European level. And Portugal has made a very relevant contribution to this movement.

Since 2019, the average price per night in Portugal has risen by 39 percent and revenue per available room has increased by 44 percent. These figures show a solid recovery after the pandemic, but also something even more important. Tourism in Portugal is becoming more premium, more quality-oriented and less volume-oriented.

One of the reasons for this change is clear. The profile of the tourists has changed. Tourism from the United States grew 91 percent compared to 2019. This new tourist is mainly looking for luxury experiences, superior hotels, gastronomy, well-being, and authenticity. And this is directly reflected in the prices and valuation of assets.

Today, in Portugal, the majority of hotel investment is made by institutional investors, that is, large funds and professional entities. They represent about 59 percent of the total. The so-called family offices and private companies represent 31 percent, while hotel chains have only 10 percent. This data shows that the Portuguese market is seen as a solid and long-term financial asset.

Another striking aspect is the clear strategy of betting on luxury. In the first quarters of the year, 81 percent of the investment was directed to five-star hotels. The Algarve continues to lead as the main investment destination, followed by Lisbon and Porto.

There is also a strong appreciation of the so-called lifestyle, wellness, and restaurant hotels. In Lisbon, for example, a four-star lifestyle hotel can charge an average of 260 euros per night, practically double that of a conventional hotel.

In local accommodation, Lisbon continues to show the enormous pressure of demand. In 2024, AL accounted for almost half of the city's beds and overnight stays, generating more than 500 million euros. Without this segment, more than 10,000 new hotel rooms would be needed to meet demand.

Looking ahead, I feel optimism. Forecasts point to continued growth in 2025, with more guests and new trends such as branded residences and luxury serviced apartments. Greater integration between traditional hotels and local accommodation is also expected.

Portugal is clearly experiencing a new cycle in tourism. More sophisticated, more valued, and more attractive for global investment. And, for those who follow this sector closely, this golden era is hardly close to an end.