The strategic partner
Provides capital and execution capability, assuming construction, completion and cost-overrun risks. The proposed allocation includes the completed 40-key hotel, associated facilities and long-term operating rights.
04 / THE INVESTMENT PERSPECTIVE
Grounded in place.
Structured for value.
Explore two source documents: the Diana Évora v3 presentation and the June 2026 feasibility study. Each has its own budget, funding assumptions and transaction scope.
Download the investment summarySTRATEGIC PARTNERSHIP · DIANA ÉVORA V3
Capital and capability, aligned.
€14.6mPreliminary total development budget
~€4.1mEU grant support stated in the pitch
~€10.5mIndicative net partner funding
The v3 funding summary sets out €14.6m total development cost, €4.1m grant support and €10.5m net funding. The grant is reported as secured by the sponsor; award conditions and availability require verification.
The current owner
Contributes land, the project, development work and grant support. Retains the 28 completed serviced apartments, with approximately 1,807 m² of above-ground gross private area, subject to final transaction terms.
Apartment operating agreement and commercial terms
The pitch proposes an approximately 10-year exclusive operating or master lease over the 28 apartments, with a possible 2–3-year rent-free or reduced-rent stabilisation period, followed by minimum guaranteed rent and/or revenue sharing. All terms remain negotiable.
The v3 analysis values the existing project at approximately €3.0m and grant support at €4.1m, giving an indicative owner contribution of €7.1m against €10.5m from the partner. The approximate 40% / 60% economic contribution is not an agreed equity split. Potential owner cash equalisation of €0.5m–€1.0m remains subject to valuation, grant terms, the final budget and negotiations.
Funding options
The v3 brief identifies potential partial financing through Banco Português de Fomento, or support accessing up to €3m in RFAI tax benefits through corporate income tax credits during hotel operations. Eligibility and approval remain subject to assessment.
ECO support
ECO offers in-house expertise to manage the proposed funding and tax-benefit process at no additional cost, according to the v3 brief.
JUNE 2026 · FEASIBILITY FUNDING MODEL
€11,257,600
Equity / shareholder contributions€6,259,180 55.60%
PT2030 grant support€4,998,420 44.40%
Figures supplied by the project sponsor. Grant award documentation, eligible expenditure and disbursement conditions require due diligence.
JUNE 2026 · STANDALONE PROJECT MODEL
11.36%Modelled IRR
€3.23mNPV at a 7% discount rate
10 yearsModelled payback
The reported 10-year payback assumes an exit at the end of year ten. IRR and NPV describe the standalone project on total investment, not an investor’s equity return after grants.
Sponsor projections, not independently verified. Returns are not guaranteed.
INSIDE THE JUNE FEASIBILITY MODEL
61.65%Stabilised hotel occupancy
30%Apartment rental management fee
24Planned operational employees
The study assumes stabilisation in the third operating year, 1.74 guests per occupied room, apartment occupancy one-third below the hotel and apartment daily rates 50% above hotel rooms. Revenue combines accommodation, food and beverage, wellness, experiences, VR and apartment management.
Source: June 2026 feasibility study, sections 6 and 7. Its proposed funding includes Opportunities Fund 3 with 49% of the hospitality management company; that structure is distinct from the pitch partnership proposal.
EXPLORE AN ILLUSTRATIVE SCENARIO
What changes
the operating picture?
Adjust the hotel assumptions to see a simplified annual operating model for the 40 hotel rooms.
Starting assumptions are illustrative, not sponsor forecasts. Apartment income and other hotel revenue are excluded.
Annual room revenue€1,423,500
Operating cash contribution€427,050
Yield on net project cost6.82%
Simple payback14.7 years
How the scenario is calculated
Room revenue = 40 rooms × 365 days × occupancy × average daily rate. Operating cash contribution = room revenue × operating cash margin. Net project cost = €11,257,600 − grant received. Yield = operating cash contribution ÷ net project cost. Simple payback = net project cost ÷ operating cash contribution.
This simplified model excludes financing, taxes, replacement capital expenditure, ramp-up, other income and the time value of money. It does not calculate IRR or NPV and is not comparable to the sponsor’s complete model.
DIANA ÉVORA V3
Investment opportunities in Évora
The v3 brief highlights culture, tourism, healthcare, education and innovation as sources of demand for hospitality and real estate.
Culture and tourism
The brief highlights Évora’s European Capital of Culture 2027 programme and reports more than 700,000 overnight stays in 2024, over 13% growth since 2022.
Healthcare
The brief describes the new Central Hospital of Alentejo as an approximately €240m investment, expected to operate in 2027 and serve around 440,000 people.
University and innovation
The University of Évora’s technology, research and aerospace activities support opportunities in student and professional living, flexible offices and specialised spaces.
Market figures and timelines are reported in Diana Évora v3 and have not been independently verified.
SHARED AMBITION. ENDURING VALUE.