BB Aims To Be King In Oporto

Real estate operator BB Sociedade Imobiliária is set to open the Hotel das Artes this June. But the citizens of the Portuguese city of Oporto must not fret thinking that is the last they will see of their compatriot, for the company is set to return at least three times over the next few years. The Portuguese press notes that work could start by the end of the year on a 171-unit aparthotel in Matosinhos in the north of the city. The second hotel will also have four stars but the third will have five stars, 142 rooms and a beachfront location. Meanwhile, Starwood Hotels & Resorts was to be found in Lisbon at the end of last week announcing the sale of the Sheraton Lisboa Hotel & Towers. Although the company did not reveal how much Sociedade de Construcoes Marope paid for the 376-room property, which Starwood will continue to manage, it noted that it made a total of USD 42 million from the sale of this hotel and the 432-room Westin Galleria in Dallas, Texas.