A heritage building in a prime central Lisbon location is available for acquisition at €35M via share deal — single-asset vehicle. Full planning permission approved for a hotel of circa c. 65+ keys across 6 floors and approximately c. 3,000+ sqm gross built area. The building has never previously operated as a hotel. This is a repositioning opportunity — approved scheme supports 4 to 5-star positioning depending on specification. Building substantially vacant with two small commercial occupiers generating modest holding income. Vendor motivated — able to move quickly with a credible purchaser.