Lisbon’s ‘Quartel de Graça’ is the latest historic monument to join the government’s Revive programme and be ‘transformed’ into a vibrant commercial space.
The plan, say reports, is for the ancient building dating back to the 11th century to become a five-star hotel.
Grupo Vila Galé is said to be interested.
This will be the Revive Programme’s 16th ‘rehabilitation’.
It’s a scheme aimed at ‘saving’ 33 ‘at risk’ monuments.
The next step for the site that used to serve as a barracks of GNR and the military involves a tender process.
The winning bidder will then have four years to transform the place into an hotel.
Estimated costs for the work run to just under €30 million, writes tabloid Correio da Manhã.
The programme should see the hotel remain in private hands for 50 years, with a yearly rent payable to the State of “around €332,000”.