Overcome challenges Portuguese Hospitality Atlas 2019 - 14th edition Preface
Overcome challenges
It is with great pleasure that we release the 14th edition of the Portuguese Hospitality Atlas, a tool that has already assume itself as a reference in the tourism sector and that Deloitte is proud of.
In 2018 we saw an increase in hotel supply and demand as the number of guests increased. Moreover, Lisbon is in the top 5 of European cities with higher occupancy rate - only Paris, London and Amsterdam are overcoming the Portuguese capital. This positive evolution has led many international entities to classify Lisbon and other Portuguese cities as the best tourist destinations in Europe and worldwide.
A survey made for a group of investors, also included in this report, reveals that 48% of the participants believe that the national hotel market is at the peak of investment and that by 2020 Lisbon and Oporto will remain the most attractive cities for the hotel investment. The main sources of funding are expected to come mainly from international hotel groups and investment fund management companies.
Bearing in mind that the success of this initiative is due primarily to the players who act on it daily, I would like to thank the constant support and collaboration with the Portuguese Hospitality Atlas.
Jorge Sousa Marrão Real Estate Sector Leader Contents
New hotel Regional establishments analysis in 2019 European benchmark Breakdown by classification
Top 5 ranking evolution
Breakdown by type
Portuguese Hotel Investment National Survey ranking About
Contacts
© 2019. For further information, contact Deloitte Consultores, S.A. Home National ranking
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Ranking of Hotel groups Management entities in Portugal number of accommodation units 1 Home otel rou otel o in ca acit nternational an in e s National ranking ana ement entit esta lishments accomo ation units1 resence Current 201 No. of total No. of total No. of total es No
2 Ranking of Hotel groups / 1 1 estana otels esorts ousa as e ortu al . ,1 . 1 , 9 . Management entities in Portugal 2 2 ila al ot is 2 1.1 , .1 9,2 .0 3 3 Accor otels 2 1. , 9 2. , 9 2.1 (number of accommodation units)1 4 inor otels 1 0. 2,9 2.0 ,2 1 2.0
5 4 oti ot is eli otels esorts 19 0.9 2, 1.9 , 01 1.
5 arriott otels esorts 12 0. 2, 21 1. , 22 1.9
SA A otels 1 0. 2,120 1. ,1 1.
otels 12 0. 2,0 1. ,2 2 1.
nterContinental otels rou 10 0. 1, 1.2 , 9 1.2
10 14 D Disco er otel ana ement 1 0. 1, 1.1 , 1 1.2
11 11 Dom e ro otels 0. 1, 99 1.0 2,91 0.9
12 10 A otels esorts 10 0. 1, 1.0 , 1.2
13 12 F ot is F ni 9 0. 1, 0.9 2, 2 0.9
14 15 orto a otels esorts 9 0. 1, 0.9 2, 0.9
15 otusa otels 1 0. 1, 2 0.9 2, 2 0. 1 ot is eal 2 1 1 9 0. 1, 0 0.9 2, 0 0.9
1 1 urim ot is 1 0. 1,2 0.9 ,1 2 1.0
1 1 uthu otels 0. 1,220 0. 2, 9 0.
1 Accommodation units represent the number of rooms and/or apartments. 1 1 una otels an esorts 1 0. 1,1 9 0. 2, 1 0. 2 Pousadas de Portugal only include the Monumental & Historical Hotels that are under management of Pestana Hotels & Resorts Group. 20 13 Continental otels 0. 1,0 1 0. 2,2 0. 3 This analysis was prepared based on public available information. 4 Data relating to the hotel establishments Sheraton Lisboa Hotel & Spa and The Fontecruz Lisboa Sub total 25 1 .0 92 0. 9 92 0. (which are part of Marriott Hotels & Resorts) was based on public available information. Other Hotel groups Management entities 5 Data relating to the hotel establishments Crowne Plaza Vilamoura Algarve, Holiday Inn Express 51 25.2 9 199 .0 10 095 .2 Lisboa Aeroporto, Holiday Inn Express Avenida da Liberdade, Hotel Holiday Inn Express Lisboa Independent Alfragide, Crowne Plaza Porto, Holiday Inn Express Porto Exponor, Hotel Intercontinental Porto - 1 19 5 . 51 202 5. 110 0 5.5 Palácio das Cardosas and Holiday Inn Porto Gaia (which are part of InterContinental Hotels Group Total 2,0 100 1 , 9 100 09,920 100 - IHG) was based on publicly available information. About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Breakdown by type
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Breakdown by type
1, 10 ,2 21 12, 1 1 , 2 10 9 12
1, 10 ,2 Hotel 21 12, Tourist 1 1 , Apartment Hotel apartment 2 10 9 12
10 2,1 1 0 ,0 1,2 Hotel Tourist Apartment Hotel apartment 1 2 1
10 2,1 1 0 ,0 1,2 1 2 1 Rural Hotel Tourist illage Lodging Houses Rural Hotel Tourist illage Lodging Houses National total:
National total: 2,0 otel esta lishments 1 , 9 Accommo ation units 2,0 otel esta lishments 1 , 9 Accommo ation units
Accommo ation units re resent the num erAccommo ation of rooms an or a artments. units re resent the num er of rooms an or a artments. About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Breakdown by classification
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Breakdown by classification
5 Stars 4 Stars 3 Stars 2 Stars 1 Star Lodging house
otel esta lishments 5 Stars 4 Stars 3 3 Stars 23 Stars3 1 Star1 Lodging house3 2 otel esta lishments 1 2 1 29 1 3 33 1 Accommo ation3 units 1 2 1 2 1 29 1 1 4 Accommo ation2 units 1 1 1 1 2 , 1 4 1, 2 2 ,1 1 10, 1 1,11 1,2 2 , 1 Nat 1, 2 ional total: ,1 10, 1,11 1,2
National total: 2,0 otel esta lishments 1 , 9 Accommo ation units
2,0 otel esta lishments 1 , 9 Accommo ation units Accommo ation units re resent the num er of rooms an or a artments. About 1 Accommo ation units re resent the num er of rooms an or a artments. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Breakdown by NUTS II North 22 1
Center
20 1 Lisbon 1 21 R. A. A ores Alente o
R. A. Madeira Algarve 11 1 22
National total:
2,0 otel esta lishments 1 , 9 Accommo ation units
Accommo ation units re resent the num er of rooms an or a artments. About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Alentejo Total 2 20 1 , 9 , 9 Home Alentejo10 4 3 2 4 Total Regional analysis 2 20 1 , 9 , 9 10 4 3 2 4 2 Sonae estana otels ila al lue reen ar e Ar thers TOP 5 Hotel groups / Ca ital esorts ot is otels ousa as 2 Sonae estana e otels ortu al ila al lue reen ar e Ar thers Management entities by NUTS II Ca ital esorts ot is otels ousa as e ortu al North Total Algarve Total 1,1 19 1 0 1 , 21,9 9 2,1 9 2,121 1, 1,211 1,0 0 ,1 1 , 0 North 5 4 4 3 3 1 Total Algarve5 5 4 2 2 2 Total 1,1 19 1 0 1 , 21,9 9 2,1 9 2,121 1, 1,211 1,0 0 ,1 1 , 0 5 4 4 3 3 1 5 5 4 2 2 2 Accor F ot is A is ot is oti ot is nterContinental thers ila al estana otels inor A otels uthu thers otels F ni e olfe 2 eli otels otels ot is esorts otels 2 esorts otels 2 esorts rou ousa as Accor F ot is A is ot is oti ot is nterContinental thers ila al estana e otels ortu al inor A otels uthu thers otels F ni e olfe 2 eli otels otels ot is esorts otels 2 esorts otels 2 esorts rou ousa as e ortu al Center Total R. A. A ores Total 9 2 11 2 1 , 2 20,2 9 2 229 229 2, , Center4 3 3 2 2 Total R. A. A ores1 5 5 5 Total 9 2 11 2 1 , 2 20,2 9 2 229 229 2, , 4 3 3 2 2 1 5 5 5 ru o e oti ot is onte elo F tima atura thers ensau e A oris otels ru o A orsonho thers Desen ol imento eli otels otels otels ot is urismo eisure Ci rotur 2 ot is 2 otels as ermas e esorts esorts 2 ru o ortu al e 2 oti ot is onte elo F tima atura thers ensau e A oris otels ru o A orsonho thers Desen ol imento eli otels otels otels ot is urismo eisure Ci rotur 2 ot is 2 otels as ermas e esorts esorts 2 ortu al 2 Lisbon Total R. A. Madeira Total 1, 1, 0 1, 1, 0 1,09 2 ,1 0 0,9 , 0 91 , 9 1 ,0 Lisbon 5 4 4 5 Total R. A. Madeira24 5 5 5 5 5 Total 1, 1, 0 1, 1, 0 1,09 2 ,1 0 0,9 , 0 91 , 9 1 ,0 5 4 4 5 24 5 5 5 5 5 SA A Accor arriott otels oti ot is thers estana otels orto a Sa o otels Four ie s ot is thers 2 otels otels otels esorts 2 eli otels esorts otels esorts otels Dorisol esorts ousa as esorts2 SA A Accor arriott otels oti ot is thers estana e otels ortu al orto a Sa o otels Four ie s ot is thers 1 2 otelsAccommodation units otels represent the number otels of rooms and/or esorts apartments.2 eli otels esorts otels esorts otels Dorisol 2 This analysis was prepared based on public available information. esorts ousa as esorts2 3 Data relating to the hotel establishments Crowne Plaza Vilamoura Algarve, Holiday Inn Express Lisboa Aeroporto, Holiday Inn e ortu alA an lise efetua a foi asea a em informa o lica is on el. Express Avenida da Liberdade, Hotel Holiday Inn Express Lisboa Alfragide, Crowne Plaza Porto, Holiday Inn Express Porto Exponor, Hotel Intercontinental Porto - Palácio das Cardosas and Holiday Inn Porto Gaia (which are part of InterContinental Hotels Group - A an lise efetua a foi asea a em informa o lica is on el. About IHG) was based on publicly available information. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Average size of the hotel establishments (no. of accommodation units)1
Alente o 1 North 9 Center 9 R. A. A ores 5 National average 1 Lisbon 9 Algarve 102 R. A. Madeira 102
1 Accommodation units represent the number of rooms and/or apartments. About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Comparative analysis by NUTS II
e A .9 52. 2 . 0.5 . 1 29. 0 2 .
Lisbon Algarve R. A. Madeira North R. A. A ores Alentejo Center
ccu anc rate1 5. .0 .0 .1 0.0 5 . 5.0
o in ca acit no. of rooms 1 10 5 11 1 1 22 1 5 01 0 21 1 1
o in re enues 000 995 5 0 2 9 012 25 9 105 099 2 2 29
erni ht 1 29 20 201 51 9 5 1 2 0 11 sta s 000
uests 000 9 1 50 5 22 1
A era e sta 2. . 5.1 1. .0 1. 1.
1 2018 Forecast data. About Source: TP (Turismo de Portugal) - Travel BI e RNT, INE (December 2018 data - Information extracted on 02.04.2019 and on 11.04.2019); Analysis: Deloitte. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Comparative analysis RevPAR Lisbon region vs Lisbon city Occupancy rate
.9 9.22
5. 9.
Lisbon Lodging capacity city no. of rooms
Guests 1 10 21 9 000 Overnight stays 000
Lisbon1 Lisbon2 N TS II City 9 5 5 1 29 12 995 1 Lodging capacity for Lisbon Municipality. 2 Forecast data (information extracted on 05.04.2019). Source: Associação de Turismo de Lisboa, Registo Nacional de Turismo and Portuguese About Hospitality Atlas 2019; Analysis: Deloitte. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Comparative analysis RevPAR North region vs Porto city
Occupancy rate 0.5 5.00
2 Porto .1 5 .
city Lodging capacity no. of rooms
Guests 000 Overnight stays 000 22 1 990
North1 Porto 5 22 1 959 N TS II city 9 5 001
1 Lodging capacity for Porto Municipality. 2 Occupancy rate - Bed. Source: Associação de Turismo de Lisboa, Registo Nacional de Turismo and Portuguese About Hospitality Atlas 2019; Analysis: Deloitte. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Seasonality index by NUTS II 1
North Center Lisbon Alentejo
Winter Winter Winter Winter
anuar Fe ruar anuar Fe ruar anuar Fe ruar anuar Fe ruar
Decem er arch Decem er arch Decem er arch Decem er arch
Spring Spring Spring
o em er A ril Spring o em er A ril o em er A ril o em er A ril
Autumn Fall
Autumn Fall Autumn Fall Autumn Fall cto er a cto er a cto er a cto er a
Se tem er une Se tem er une Se tem er une Se tem er une
Au ust ul Au ust ul Au ust ul Au ust ul
Summer Summer Summer Summer
Algarve R.A. A ores R.A. Madeira
Winter Winter Winter
anuar Fe ruar anuar Fe ruar anuar Fe ruar
Decem er Decem er Decem er arch arch arch Base 1 index
o em er A ril Spring o em er A ril Spring o em er A ril Spring
Autumn Fall Autumn Fall Autumn Fall cto er a cto er a cto er a
Se tem er une Se tem er une Se tem er une
Au ust ul Au ust ul Au ust ul
Summer Summer Summer
1 Seasonality index= # overnight stay by month by NUTS II / Average annual overnight stay by NUTS II. About Source: INE; Analysis: Deloitte. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Regional analysis
Local accommodation North
1 1
Center
Lisbon 1 1
Alente o R. A. A ores 0 0
0 0
Algarve R. A. Madeira
34 35 National total:
1 , otal rooms accommo ation units 0 , 0 otal e s accommo ation units
About Source: Registo Nacional de Estabelecimentos de Alojamento Local; Analysis: Deloitte. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home New hotel establishments in 2019
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home New hotel establishments in 2019
Lisbon North Center R. A. Madeira Algarve Alentejo R. A. A ores
1st uarter 1 1 1 2 1 Su se uent uarters 2 1 1 2 2 1 1 1 2 1 1 1
otal 22 1 2
Label:
# Hotel establishments Lodging House To be defined About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home European benchmark
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Amesterdam European benchmark .1 122. Frankfurt 9.2
1.
London 1 .0 Berlin
1 1 . 9.0 1.9
Brussels . Paris . 1.0 ienna . 1 9.0 Milan .0 . Porto 9 .1 2 . Lisbon .0 Label: 9.
Occupancy rate 9.2 Barcelona Rome Madrid . . RevPAR . 100.9 9 . . 1 An exchange rate from pound sterling to euro was applied (0,90155 - December 2018). 2 Occupancy rate - Bed. Source: Observatório do Turismo de Lisboa, Associação de Turismo do Porto, Observatoire du Tourism à Bruxelles, Madrid Destino, Visit Britain, Paris Office du About Tourisme et des Congrès; Analysis: Deloitte. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home National Top 5 Historical Evolution
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home National Top 5 Historical Evolution1
19 20
Accor Minor Hoti Hot is ila Gal Hotels Hotels Meli Hotels Pestana Hotels Hot is Resorts Resorts Pestana Pousadas
200 2009 2010 2011 2012 201 201 201 201 201 201
Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels Pestana Hotels 1 Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana Resorts Pestana 2 Pousadas Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2 Pousadas 2
2 ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is ila al Hot is
Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels Accor Hotels
Esp rito Santo Esp rito Santo Esp rito Santo Tivoli Hotels Tivoli Hotels Tivoli Hotels Tivoli Hotels Tivoli Hotels Tivoli Hotels Tivoli Hotels Hoti Hot is 3 3 Hot is 3 Hot is Hot is Resorts 3 Resorts 3 Resorts 3 Resorts 3 Resorts 3 Resorts 3 Resorts 3 eli Hotels Resorts
5 Starwood Hotels IP Hotels IP Hotels IP Hotels IP Hotels IP Hotels ECS Capital SANA Hotels SANA Hotels arriott Hotels arriott Hotels Resorts Resorts Resorts
1 Ranking based on the number of accommodation units. 2 Pestana Hotel & Resorts / Pestana Pousadas and Pestana Hotel & Resorts / Pousadas de Portugal are the same Hotel group / Management entity. The entity’s designation was changed. 3 Groups Espírito Santo Hotéis and Tivoli Hotels & Resorts are the same Hotel group / Management entity. About The entity’s designation was changed. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Portuguese Hotel Investment Survey
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Key messages
Hotel industry at the “peak of investment” – Almost half of the respondents (48%) believe that the national hotel market is at its peak of investment phase. Porto (57%) and Lisbon (57%) were referred as the most attractive cities for hotel 1 investment in 2020.
Who will invest? – 62% of the survey participants believe that international hotel chains will be the main capital source of Portugal’s hotel industry. 57% and 29% have also pointed out asset management funds and Private Equities, respectively, as relevant 2 funding sources for the hotel sector. It is expected that capital will come mostly from Europe (62%), in particular from Portugal (48%).
The attractiveness of the European market – 43% of the respondents selected Lisbon as the most attractive European city to hotel investment in 2020. Other European cities like Amsterdam, Dublin, London and Barcelona are also among the 3 most attractive cities to investors in this sector.
Risks in the next 5 years – Competitive markets growth (81%) and the shortage of qualified labour force (62%) were considered as the main risks to the Portuguese hotel sector in the next 5 years. In Europe, possible terrorist attacks (67%), the 4 economy growth (63%) and potential political tensions (58%) are the risks that worry investors the most.
Challenges for the next 5 years – Retaining highly qualified human resources is, for most investors (79%), the major challenge within the hotel industry in Europe. Attracting and retaining new customers arises also as a very relevant challenge for 5 many respondents (59%), mainly due to the preferences of the young Millennials.
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Portuguese Hotel Investment Survey
Investments stage for the portuguese Most attractive portuguese regions for hotel investment hotel industry in 20201
n estment ea
Porto 5
ecession n estment
Others Lisbon 19 5 2 5
eco er
Algarve
19 5
About 1 Question with possibility of multiple answer. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Portuguese Hotel Investment Survey
Main capital sources for Portugal’s Portugal hotel industry main risks hotel industry1 (5 year horizon)1
ri ate e uit nstitutional nternational Asset Com etiti e S ille conom enture ca ital in estors hotel chains mana ement fun s mar ets ro th la our force ro th
29 19 2 5 1 2 19
So erei n ension nsurance a our nterest ther ealth fun s fun s com anies le islation rates
5 5 0 1 5 2
About 1 Question with possibility of multiple answer. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Portuguese Hotel Investment Survey
Most attractive european cities for hotel investment in 20201
uro e 2
ortu al thers 1 orth America an South America 2
About 1 Question with possibility of multiple answer. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Portuguese Hotel Investment Survey Amsterdam 1
Most attractive european cities London 1 for hotel investment in 2020 1
Dublin 1
Paris 0
Lisbon
Barcelona Label: Madrid 1 Hotel investment 0
1 Question with possibility of multiple answer. 19% of the participants also identified as more attractive other cities About than those above mentioned. Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Portuguese Hotel Investment Survey
Risks associated with the hotel industry in the european context, over the next 5 years
11 11 11 2 25
2 22 2
5 25 50
Economy growth Politic tensions Terrorist attacks vertourism phenomenon Black and grey swans
ery important Important Less important
Challenges for the hotel industry in the european context, over the next 5 years
12 5 1 1 25 0 5 21
1 5 9
Investment opportunities rowth opportunities New technologies adoption Attract and create loyalty Ability to retain highly qualified in Europe augmented operational margins among new customers human resources millennials About ery important Important Less important Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Notes
Were considered the following types of hotel establishments:
• Hotels; • Tourist apartments; • Apartment hotels; • Tourist village; • Lodging houses; and • Rural hotels.
For ranking purposes it was considered the total number of accommodation units in hotel establishments at 31st December 2018, including those which were temporarily not operating at that date. It should be noted that the units that compose the hotel complexes were considered disaggregated, i.e., they are recorded individually as hotel establishments. Accommodation units refer to the number of rooms and/or apartments. A double bed represents 2 beds, a T0 has 1 bedroom (2 beds), a T1 has 1 bedroom (2 beds), a T2 has 2 bedrooms (4 beds) and a T3 has 3 bedrooms (6 beds). The aggregation of hotel establishments in hotel groups / entities management complies its integration in a Group (entities that owns more than a hotel establishment) and / or the existence of a common denominator in their operation. Accor Hotels, Hoti Hotéis and Pestana Hotels & Resorts Group include tourism developments that are in a franchise system. The geographical division of Portugal complied with the NUTS II defined by National Institute of Statistics. The data collection from the 20 largest groups was completed in the second week of April 2019. The remaining information was collected through the websites of the Groups and independent hotel establishments, the databases of Turismo de Portugal and Regional Tourism Entities, as well as other public information. Tourist apartments with less than 10 apartments have not been considered. The information regarding the new hotel establishments expected for 2020 was collected until the last week of March 2019 and was based on Regional Tourism Entities information and public information.
Notes | Local Accommodation Were considered the following types of establishments:
• Apartments; • Lodging Establishments; • Lodging Establishments – Hostels; and • Dwellings.
The information was collected from the Registo Nacional do Alojamento Local (RNAL), available through the website of Turismo de Portugal, on first week of April 2019. The original information had a total of 82,205 establishments, but for the purpose of Atlas da Hotelaria 2019 we have considered a total of 78,010 establishments. The selection of establishments was based on the year of registration in the RNAL, therefore all establishments registered before 2000 and after 31st december 2018 were disregarded. According to information provided informally by Turismo de Portugal the registration of each establishment in the RNAL is performed autonomously and independently by the respective owners, so the accuracy of the information available is not the responsibility of the Turismo de Portugal.
About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Home Contacts
Duarte Galhardas Jorge Sousa Marrão Consulting Financial Advisory Partner Partner Tel: +351 965065615 Tel: +351 963902674 [email protected] [email protected]
Miguel Eiras Antunes Inês Cintra Costa Consulting Financial Advisory Partner Senior Manager Tel: +351 969658255 Tel: +351 962103923 [email protected] [email protected]
Rui Gidro Pedro Santos Rosa Consulting Financial Advisory Partner Senior Manager Tel: +351 933259269 Tel: +351 962103497 [email protected] [email protected] About
Contacts © 2019. For further information, contact Deloitte Consultores, S.A. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 312,000 people make an impact that matters at www.deloitte.com.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.
© 2019. For further information, contact Deloitte Consultores, S.A.