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Boutique Hotel In Praia Da Luz For Sale

Praia da Luz, Faro
Asking Price:
€1,500,000 Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
€250K - €500K
Cash Flow:
€100K - €250K

In the beautiful village of Praia da Luz, just a few steps from the beach, lays this unique tourist resort named "Mirage". The new owner has the choice whether he would like to run a boutique hotel, hostel, restaurant bar with living area or a club ... the space is considerable. An initial phase of extensive modernization and renovation work was carried out in 2016, in accordance with the highest standards. The property consists of a furnished, spacious main living / dining area with kitchen and office. A stylish, modern fireplace and electric wall heating ensure a pleasant atmosphere in the cooler winter months. Through patio doors you reach an elevated terrace, which gives you a view of the beautiful, large walled garden in the inner courtyard. Here there is ample space for a pool. All rooms are facing south. This area also includes a generous, contemporary shower room, a spacious, furnished guest room, which is equipped with built-in wardrobes and doors to the patio. The furnished main bedroom is on-suite, has built-in wardrobes, heating and access to its own courtyard garden. An imposing entrance hall impresses with a diameter of 5m, it has a high ceiling vault, numerous niches and an additional Furthermore, there are two fully furnished studio apartments, a fully furnished T1 apartment as well as a cottage, which is also fully furnished. Two areas still need modernization, firstly the pool area, the pool room and the cocktail lounge. Instead, a T2 apartment, overlooking the "Black Rock" and the Atlantic Ocean could be realized here. Secondly the main kitchen, storage rooms and toilets are in need for renovation. Also, this area has the potential to be transformed into a T3 or for two T2 apartments. A covered B-B-Q area with smoking room and a laundry with drying patio are also included. Many other highlights and details await the future owner. The Mirage Complex scores with its top location and generous size. A great investment opportunity in the thriving tourism of the Algarve!

For any further information, please contact seller below.

Property information

Real Estate:

Real Property Included

Living Accommodation:

Building possess several 1 and 2 bedroom apartments.

Location:

Located in the entrance of Praia da Luz, overlooking the ocean and "Black Rock". Close proximity to supermarkets and 4 min walk to the amazing beach with 3 "Blue Flags" awards.

Premises Details:

Current used as owner accommodation, project is ready to start conversion to the hotel/bar/night club

Size in square feet:
18,300
Planning Consent:

There are several permissions: block of flats, boutique hotel, night club.

Business Operation

Expansion Potential:

Boutique hotel, hostel, restaurant - bar, night club.

Competition / Market:

Only one 4 hotel and several independent villas/appartment for rent.

Reasons for selling:

Retirement

Trading hours:

24/7

Employees:
0
Years established:
1999

Other Information

Support & training:

Owner willing to go through all legal process and support on initial building permissions.

Furniture / Fixtures value:
€200,000 - included in the asking price
Inventory / Stock value:
€10,000 - included in the asking price
Website:
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Related Documents:

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