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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:
Under €100K
Cash Flow:
€50K - €100K

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!

Property information

Real Estate:

Real Property Included

Living Accommodation:

One of the current apartments can be used as owner accommodation.

Location:

Project situated at the entrance of Praia da Luz in the quiet area on the edge of the village. Walking distance to the beach could take up to 6-7 minutes by foot, everyday needs like supermarket pharmacy etc is 10 mins away.

Premises Details:

Currently the premises are used as a private residence by the owner. Reason for sale - retirement and downgrading.

Planning Consent:

At this moment building possesses several expansion projects for Boutique hotel/bed and breakfast conversion.

Business Operation

Expansion Potential:

Potential to convert into boutique hotel/hostel/restaurant/bed and breakfast.

Competition / Market:

Only one 4 star hotel is currently operated in Praia da Luz and its 80-90% occupied during the year.

Reasons for selling:

Owner would like to retire.

Other Information

Support & training:

Owner might be willing to surrender and social media and internet accounts for further promotion.

Furniture / Fixtures value:
€200,000 - included in the asking price
Inventory / Stock value:
€50,000 - included in the asking price
Business closed / Asset sale:
Yes
Home based:
This business can be run from home.

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