Orion forms JV to acquire majority stake in Corinthia Hotel Lisbon

Orion Capital Managers has formed a joint venture with Corinthia, through which Orion will acquire a 72% stake in the iconic five-star Corinthia Hotel Lisbon.

Corinthia Lisbon

This joint venture is the first investment for Orion's new fund, Orion European Real Estate Fund VI, which aims for a final close of €1.5 bn. 
IHI, which currently owns 100% of the asset, will retain a 28% interest, and its subsidiary Corinthia Hotels Limited will continue to manage the 517-key hotel. 
The biggest five-star hotel in the city was recently refurbished to upgrade its rooms, 3,000 m2 spa, and three restaurants to equally cater for business, leisure and MICE travellers.
This deal allows IHI to free up capital for future brand growth, while Orion seeks to invest in high-quality hospitality assets in prime European cities.
The acquisition reflects Orion’s conviction in investment into high-quality hospitality assets in prime European cities, as well as partnering with well-established brands, owners, and operators to realise long-term value.
Rami Badr, partner, Orion, said: “We are very pleased to build on our longstanding relationship with Corinthia by acquiring a majority stake in the landmark Corinthia Lisbon. This structured transaction  on a high-quality asset with proven financial performance and significant upside potential, thanks to the strength of the Lisbon hospitality market and the just-completed refurbishment, is a great example of the opportunities Fund VI is pursuing in today’s market.”
Simon Naudi, CEO, IHI, commented: “We are pleased to welcome Orion as a strategic partner and majority investor in our Lisbon hotel, in which we will continue to hold an interest and operate as a Corinthia Hotel. As owners, developers and operators of the Corinthia Hotels portfolio, we welcome this step to free up capital in support of the achievement of our goals on shareholder returns and brand growth worldwide.”
The finalisation of the deal, including financing and transferring the hotel to the joint venture, is expected by the first half of 2026.