Real estate developer Kronos Homes is launching its first mixed-use tourism project in Lisbon.
The €150 million MIMA project will see conventional housing in the form of MIMA Residences, a Tempo by Hilton hotel and MIMA Living, with 180 1-and 2-bedroom apartments featuring common areas, such as coworking spaces, two swimming pools and a gym.
MIMA builds on Kronos’s existing portfolio of developments across Iberia and is a sizeable bet on the Portuguese capital.
Why it matters
We’re starting to see a lot more of these creative developments that cater to multiple groups but with some shared facilities. It also confirms one of the central beliefs of Hospitality Investor, that of the “hotelification” of other asset classes. In this case it is residential but if you look across the spectrum you will see examples elsewhere, in areas like student living, senior housing and even office.
What they said
Rui Meneses Ferreira, partner and CEO of Kronos Homes, said: “The MIMA project reinforces our long-term strategy for Portugal and specifically for Lisbon. MIMA Living will raise housing standards and reinforce our vision of creating spaces that adapt to people and places. This project marks a new chapter for Kronos Homes and we are delighted to be establishing ourselves as a reference in terms of architecture and investment in Lisbon.”
Alda Filipe, partner and Regional Director of Kronos Homes, said: “MIMA Living is the natural evolution of Kronos Homes’ tourist development success in the Algarve, which we’ve now adapted and applied to Lisbon. The apartments are designed to meet contemporary demands with a differentiating project for a generation that values flexibility, comfort and a cosmopolitan lifestyle, making MIMA Living ideal for those looking to live without worries and invest profitably.”