A c. 25-room boutique hotel within a converted 18th-century palace in the heart of prime central west Lisbon — one of Lisbon's tightest and lowest-yielding submarkets, with prime yields of 5.0-6.0% and still compressing, and ADR/RevPAR both running above 2019 levels. All rooms are fully approved. The property occupies a genuinely unique architectural setting, drawing street, F&B, and hotel trade alike — a clear long-term driver of yield beyond room revenue on its own. Complemented by a rooftop terrace, pool, and pool bar. Circa c.1000 sqm of construction on a circa 400 sqm plot. A term sheet is in place with an established international boutique operator — though the incoming buyer retains the flexibility to keep this operator or appoint their own. Practical completion expected Q1 2027