Former CTT Building in Lisbon May Me Converted into a Hostel in €25-Million Investment

11 March 2021 – Ana Custódio

The Irish group Clink Hostels acquired the CTT building in 2018 and is still awaiting licensing to redevelop the property from the Lisbon City Council. The former CTT building is located on Rua da Palma, next to Martim Moniz, in Lisbon. Clink plans to invest a total of approximately €25 million in the project.

According to an article in the Jornal de Negócios, the Clink Group, which the Dolan family owns, said in a statement that the investment was being carried out “exclusively with equity” and the €25-million investment includes the acquisition and refurbishment work. Terry Devey, who represents the family, added that “We have a different concept of hostels. Our intention is always to find an older building, to refurbish it, give it a new life and helping to change the condition of the surrounding space in the city. On the other hand, we always intend to be close to the community where we operate, supporting and helping those in need, always in partnership with the local authorities, in this case with the Santa Maria Maior Parish Council.”

With 18 years of experience, Clink Hostels is a pioneering network of elegantly designed hostels operating in major European cities. With a focus on social travel, it provides excellent experience and accommodation at an affordable price, offering a range of room types, including shared and private, basic and suite, as well as free Wi-Fi. The hostels all have a catering bar and a self-catering kitchen, meeting the needs of both group and independent travellers.

The Irish group’s proposal envisages around 750 beds, with a gross floor area of 4,401 m2. The project has been awaiting licensing from the Lisbon City Council for about a year housing and will subsequently be changed to local accommodation. The architectural project was designed by Frederico Valssasina Arquitectos and has Patria as Project Manager.

In the short term, Clink also intends to develop another project in Porto.

Translation: Richard Turner