PERSONALITIES
Rendering of the soon-to-open Martinhal Residences in Lisbon . up the collection include Martinhal Sagres Beach Resort , Martinhal Quinta do Lago in the Algarve , Martinhal Cascais and Martinhal Chiado Family Suites in Lisbon . The fifth property , Martinhal Residences , opens in 2023 in Lisbon ’ s contemporary Park of Nations neighborhood . It ’ s the Sterns ’ s first branded hotel residence development with hotel suites and apartments on offer to buy . At Martinhal Residences , there will be 152 units – the first four floors are set to operate as a Martinhal hotel with 77 accommodations , while the top 10 floors comprise 75 residences for long-term stays . Units are for sale and almost sold out , according to Chitra .
The Sterns developed their first project , Sagres , from scratch . It includes 12 houses that were sold and released back into the rental pool . But then opportunities came from buying existing projects that had gone bust or were repossessed by banks . The upcoming Residences was , again , developed from scratch . “ We react to what the market conditions are , taking opportunities that exist in that particular time and place ,” Chitra said .
Looking ahead , Chitra said the focus is on getting the Residences in Lisbon open and then it ’ s a matter of being presented with the right opportunity . “ Another hotel in Porto would be interesting , whether it takes the shape of branded residences or serviced apartments ,” she said .
More generally , the Sterns might do a couple of more residences because they see a lot of people moving to Portugal for the lifestyle . “ Portugal is behind cities like Dubai , New York and Miami in terms of branded residences . There ’ s more room for that here ,” she said .
A true believer of what Portugal has to offer the next generation , and because of the interest from international families to relocate there , the Sterns have also launched Lisbon ’ s first international school – United Lisbon International School – that offers the full American
36 hotelsmag . com Jan / Feb 2023