The natural choice in . The historic 17th century Palace Conde-Barão de Alvito, was the palatial home of the Barons (later Counts) of Alvito and is situated in Santa Catarina, a parish of Misericórdia, one of Lisbon’s most sought after neighbourhoods. Enjoying a central location, the Baronesa Luxury Hotel Apartments are located in the historic centre of Lisbon, a short walk away from the world famous Praça do Comércio and the Rio Tejo (Tagus River). The 5* hotel apartments all offer underground parking and secure storage facilities, as well as the amenities that you would expect from a world class 5* hotel: a Spa & Gym, large garden with swimming pool and a cosmopolitan bar and restaurant. The bar, which will showcase many of ’s finest world-famous wines, will also offer international gourmet light dining in the evening for all and breakfast to apartment guests in the morning.

The Baronesa will be branded as an independent 5* luxury apartment hotel, representing the best that Lisbon has to offer in terms of design, heritage, culture and character. All apartments will benefit from a professional management structure for owners and the very best facilities and service levels for guests.

SECURED PROPERTY INVESTMENT* | ONE OF THE BEST LOCATIONS IN LISBON | NEW & VERY MODERN PROJECT WITHIN LISTED FACADE OF AN HISTORIC LISBON PALACE | ELIGIBLE FOR IMI & IMT EXEMPTION** | SUITABLE FOR GOLDEN RESIDENCY PERMIT & NON-HABITUAL BUYERS ALIKE.

*Buyers funds will be held in a deposit account and only released on project/construction milestones being met. **Application being processed and subject to final ruling from Lisboa tax office (also dependent on the type of buyer). JOAO PEDRAS & HELDER CORDEIRO | ARCHITECTS CHRIS EDDIS | PART OWNER/DEVELOPER

We have spent a lot of our time working on this project I have worked with and owned a number of great hotels around over the last 18 months and are very proud of the outcome. the world and I am excited about doing the same again in Lisbon. It has been a challenge getting the most out of the space I feel honoured to have the opportunity to be part of the team and we both feel that the design and concept now works developing this old palace and feel very confident that this will extremely well. We feel we have done justice to this become a very special addition to our portfolio of properties in wonderful old palace building, and its garden, with the Lisbon. support of our team. It has also helped that the local planning and heritage department have been so supportive and responded so quickly during this process. PETER LOWE | PART OWNER/DEVELOPER

My company believes in creating beautiful luxurious hotels in The Baronesa is a very important building in Lisbon and fabulous locations and following on from the success of The we are looking forward to seeing this old building coming Lumiares, this building truly fits the bill. This stunning landmark back to life. building, with its large garden in the heart of Lisbon, has required a huge team effort to make sure justice is done to this historic palace - we wanted to keep all the charm while bringing the building into the 21st century.

The Baronesa will be completed in early 2018 and will represent the second of our very best apartment hotels in Lisbon, offering a truly luxurious and exciting 5* experience.

2 THE BARONESA THE BARONESA 3 CONTENTS

INVESTMENT SUMMARY - The Baronesa Luxury Hotel Apartments, Lisbon

LOCATION – Santa Catarina, Misericórdia, Lisbon

PROJECT TEAM

INVESTMENT CASE - Why Invest in Lisbon?

GOLDEN RESIDENCY PERMIT (GRP) – Summary

THE BARONESA LUXURY HOTEL APARTMENTS PROPERTY SPECIFICATIONS

HOTEL MANAGEMENT, OPERATIONS AND RENTAL RETURNS

PALACE HISTORY - The History of the Palácio Conde-Barão de Alvito

LISBON OVERVIEW

DEPOSIT PROTECTION SCHEME & DEFECT INSURANCE

PURCHASE STRUCTURE & PROCESS

CONTACT US

4 THE BARONESA THE BARONESA 5 APARTMENT PURCHASE IN THE BARONESA

OPPORTUNITY TO ACQUIRE Purchasers, as well as receiving a guaranteed return on original purchase price. investment over the first three years, plus a generous Please see Section 7 on page 40 for an illustrative example. AN APARTMENT IN A TOP END furniture package, will also benefit from up to six weeks 5* APARTMENT HOTEL IN THE of personal usage per year. PLEASE NOTE: the rental guarantee and furniture package are only offered to purchasers opting to join HEART OF SANTA CATARINA. The rental structure ensures a protected investment the PHM (Portal Hotel Management). Each apartment opportunity for buyers looking to take advantage of a will be managed by the Hotel to maximize income and strong market in Lisbon in an area that is expected to for ease of use by purchasers. The Baronesa Luxury Hotel Apartments occupies a show some excellent capital growth over the next few former palace in Santa Catarina, Misericórdia, in the years. Buyers who enter the rental scheme will enjoy For personal usage allowances, terms and conditions historic heart of Lisbon. Centrally located, it is walking a three year rental guarantee of 4% gross per annum. apply. Please see page 40 for further details. distance to all of the fine restaurants, nightlife, shops The only deductions applicable to this return are local and attractions that this bustling city has to offer. Bairro taxes and property management fee. After the three Alto, central to Lisbon café and nightlife culture, is less year guarantee period, the arrangement reverts to a than a kilometre away and Santos railway station is only 45% share of room revenues, with the management a 100 metre walk with direct trains to the beaches at company Portal Hotel Management (PHM) remaining or and also the cultural and tourist area responsible for meeting costs of security and staffing, of Belém. The Baronesa is also minutes by tram, or a utilities, building and business insurance, maintenance, From short walk, to Lisbon’s main commercial and business cleaning and laundry. After year 3, it is expected that address, the Avenida da Liberdade. purchasers will enjoy returns of 5-6% gross on their 500.000

6 THE BARONESA THE BARONESA 7 8 THE BARONESA THE BARONESA 9 01 INVESTMENT SUMMARY THE BARONESA LUXURY HOTEL APARTMENTS, LISBON

THE DEVELOPMENT RESIDENCY RIGHTS Site and facade of historic palace acquired April 2015. Immediate legal right of residence in Portugal (GRP), (Minimum EUR 500,000 of equity has to be invested).

THE PROPERTY Twenty five apartments over four floors with three INVESTMENT SECURITY underground parking levels. The facilities include a spa, See page 48 for details gym and outdoor heated swimming pool. The Alvito All purchasers’ funds will be held in a deposit account Bar & Restaurant will offer room service and breakfast and released against agreed project/construction to hotel guests: milestones. Deposit Insurance is available for extra peace of mind. Please see Section 10 for more detail. • Reception, guest lobby, restaurant and bar • 25 apartments, 51 parking spaces and 37 storage RENTAL GUARANTEE FOR PURCHASERS lockers 3 years from handover of Hotel Apartment (Deed) at • Large landscaped garden (1350m2) with a large 4% gross per annum. heated swimming pool

• Spa and gym overlooking the garden TURN KEY INVESTMENT The Hotel Apartments will be fully furnished on LOCATION IN SANTA CATARINA, MISERICÓRDIA, completion and ready to be occupied or rented out as LISBON part of the rental pool subject to the BHMA. In the heart of historic Lisbon, 20 minutes drive from Lisbon Airport, 5 minutes by tram or car to the Avenida da Liberdade, 5 minutes walk from the Presidential Palace and 2 minutes walk from the Santos Rail station.

COMPLETION Construction to start in April 2016 with Completion in December 2017 and hotel opening in January 2018.

10 THE BARONESA THE BARONESA 11 02 LOCATION SANTA CATARINA, LISBON

THE BARONESA LUXURY HOTEL APARTMENTS warehouses and factory buildings, while old mansions area’s main shopping street, linking the riverside square IS SITUATED ON LARGO CONDE BARAO have been turned into hotels and embassies. of Terreiro do Paço to the beautiful Rossio Square and the Avenida da Liberdade. The Baronesa Luxury Hotel Apartments is situated in More restored buildings are found nearby in the Santa Catarina, on the Largo Conde Barão (the street Alcântara district, where old warehouses have been From the Baronesa Luxury Hotel Apartments, it is a short takes its name from the original palace). converted into restaurants by a marina under 25 de Abril walk to the Chiado district, characterised by signature Bridge (the Santo Amaro Docks), and at Lx Factory, a cafes, such as A Brasileira, the art school, theatres and The area is bordered by Lapa (the traditional area small cluster of creative companies and businesses. museums. Nearby, neighbouring Carmo has some of for embassies and wealthy Portuguese) in the west the city’s most fascinating historic buildings, such as the Behind Largo de Santos (Santos Square) are the narrow and Estrela, home to the Presidential Palace to the elegant Convent and Church of Carmo, as well as the streets of the tiny and picturesque neighbourhood of north. Santos rail station is a short walk away as is Archaeological Museum of Carmo, with its collection Madragoa, which together with Alfama was once home the historic Praça do Comércio. The nearby former of prehistoric, Roman, medieval and baroque artefacts. to Lisbon’s fishing community. Today it is known for its industrial neighbourhood of Santos was turned into Alternatively, should you wish for a day at the beach, traditional taverns and “petiscos” (tapas) restaurants. the city’s “Design District” in 2006 when a group of there are direct trains to both Estoril and Cascais from local businessmen got together to revitalize the area. Outside the Baronesa you can take the tram for the the nearby Santos Rail station and you can be on the It has since attracted design shops and several design short journey to Baixa (“downtown”). This area was the beach within half an hour! and architecture schools to the once abandoned historic shopping heart of the city with Rua Augusta, the

12 THE BARONESA THE BARONESA 13 PRÍNCIPE REAL ROSSIO

AV. LIBERDADE

BAIRRO ALTO

CHIADO

ST. CATARINA SANTOS

CAIS DO SODRÉ P. COMÉRCIO

14 THE BARONESA THE BARONESA 15 Avenida José Miradouro H de Calhau Alameda D. Afonso HenriquesFonte Malhoa Fundação Calouste Luminosa Gulbenkian

ALAMEDA

Parque Recreativo do Alto da Serafina MUSEUM GARDENS SCHOOLS Miradouro da Luneta Parque dos Quartéis Eduardo VII Aqueduto das Rua Morais Soa M. da Moda e do Design (MUDE) 21 min. Jardim da Estrela 14 min. British Council Lisboa Águas Livres Miradouro ESTEFÂNIA MADRE 14 min. M. Nacional de Arte Antiga 20 min. Jardim Botânico ( P. Real) 7min. Passos Manuel Miradouro do Moinho Pereira de Melo dos Mochos de Monsanto DE DEUS 17 min. Museu da Ciência 12 min. Jardim Botânico (Ajuda) 20 min. Pedro Nunes res Estufa Fria ANJOS 13 min. Museu de Arte Contemporânea 13 min. Fundação Calouste Gulbenkian 13 min. Música do Conservatório Nacional PARQUE FLORESTAL CAMPOLIDE v. Fontes A DE MONSANTO 24 min. Mãe de Água 11 min. Estufa Fria 12 min. Superior de Dança 16 min. Convento do Beato 14 min. Parque Eduardo VII 24 min. Hotelaria e Turismo de Lisboa Parque Municipal de Campismo Marquês 14 min. Museu Nacional do Azulejo 15 min. Jardim do Torel 12 min. French School - Lyceé Français Charles Lepierre de R. Joaquim António de Aguiar Pombal 13 min. Centro Cultural de Belém 18 min. German School - Deutsche Schule Lissabon 9 min. Museu Nacional dos Coches Centro C. H Museu Nacional Amoreiras 10 min. Museu da Electricidade do Azulejo CHURCH/MONUMENTS 13 Av. da 8 min. Museu do oriente Mãe Teatro Mosteiro THEATERS Itinerário Complementar 15 (A5) de água Tivoli H Jardim de Santos-o-Novo 14 min. Fundação Calouste Gulbenkian Liberdad do Torel 23 min. Sé Catedral GRAÇA 11 min. Museu do Fado Elevador 18 min. Igreja de S. Roque 21 min. Nacional D. Maria II CAMPO Largo 14 e do Lavra 11 min. Museu Militar

Av. Almirante Reis 17 min. Basílica da Estrela 15 min. São Carlos DE OURIQUE do Rato D. Henrique Museu Jardim e 16 min. Praça do Comércio 15 min. São Luíz da Ciência Botânico Teatro MOURARIA Politeama Miradouro 16 min. Trindade da Graça 19 min. Elevador Santa Justa 5 Igreja da Graça SIGHTS 12 min. Panteão Nacional 11 min. Tivoli Igreja de BAIRRO DO venida Infant 11 S. Domingos A 13 min. Torre de Belém 15 min. Politeama Elevador Mosteiro da Glória CASTELO de S. Vicente Jardim de S. Pedro Panteão SANTA APOLÓNIA 19 min. Miradouro de S. Pedro de Alcântara 13 min. Mosteiro dos Jerónimos de Alcântara Teatro Nacional Nacional D. Maria II 18 min. Miradouro da Graça 11 min. Padrão dos Descobrimentos A Jardim Estação v da Estrela 1 enida de 8 6 Santa Apolónia 12 min. Miradouro de Sta. Luzia 16 min. Mosteiro de Santos -o- Novo H Museu OTHER POINTS OF INTEREST Militar BAIRRO Igreja de S. Roque Elevador Castelo de Miradouro 14 min. Castelo de S. Jorge 15 min. Mosteiro de S. Vicente H S. Justa de Sta. Luzia Palácio Teatro São Jorge Ceuta Basílica ALTO Largo 14 min. Miradouro do Torel 15 min. Castelo de S. Jorge da Estrela de São Bento Trindade do Carmo ALFAMA 1 18 min. Inst. dos Vinhos do Douro e do Porto Rua Augusta 15 min. Miradouro de Monsanto BAIRRO DE 7 2 8 min. Mercado da Ribeira Avenida da Ponte 4 Jardim de Doca do Jardim 15 min. Miradouro do Calhau (Monsanto) s STA. CATARINA Teatro Sta. Catarina Praça Luís São Carlos Museu do Tabaco 3 5 min. PSP - Police station Tapada ESTRELA de Camões e São Luíz do Fado 13 min. Miradouro da Luneta dos Quartéis das Necessidades H HOSPITALS 4 12 min. PSP - Police station 10 Elevador Sé Catedral 16 min. Miradouro do Moinhos do Mochos da Bica Museu 5 24 min. Subway - Restauradores da Moda e do Design LAPA 3 Mercado (MUDE) 15 min. St. Louis 6 Subway - Rossio SANTOS da Ribeira Museu 21 min. Nacional Palácio 2 de Arte TERREIRO DO PAÇO 8 min. H. de Jesus 7 18 min. Subway - Baixa Chiado Palácio Avenida 24 de Julho Contemporânea das Necessidades 9 Praça enida das Descoberta Museu da Ajuda SHOP 6 min. CUF Infante Santo 8 22 min. Train - Estação do Rossio - Sintra de Etnologia do Comércio Estação Fluvial Av Jardim Terreiro do Paço 14 min. Curry Cabral Botânico H Cais do Sodré 9 11 min. Train - Cais do Sodré - Cascais 13 min. Ajuda Estação Fluvial Praça Luís de Camões (Baixa-Chiado) 16 min. Lusiadas 10 1 min. Tram E25 | Bus 714 / 774 Museu de do Cais do Sodré Avenida 24 de Julho Arte Antiga 11 min. Av. da Liberdade 15 min. British Hospital 11 9 min. Mercado de Campo de Ourique Estádio do Restelo Museu 9 min. Rua Augusta (Rossio) 12 min. São José 12 do Oriente 18 min. Airport Calçada da 11 min. C. Comercial das Amoreiras 16 min. Santa Marta 13 10 min. Bank of China Lisboa Porto de 14 min. St. António dos Capuchos 14 9 min. Fundação Oriente Jardim Centro de do Ultramar Congressos Planetário ALCÂNTARA Fábrica Nacional da Cordoaria

Direction: Direction: Museu Museu Nacional da Marinha Mosteiro dos Coches dos Jerónimos Direction: BEACHES PARQUE DAS NAÇÕES CASINO DO ESTORIL COSTA DA CAPARICA CASINO DE LISBOA THE LUMIARES AND THE BARONESA LUXURY HOTELS 10 MINUTES WALK FROM EACH OTHER. Rio SINTRA ALENTEJO OCEANÁRIO BELÉM Centro Cultural 18 min. de Belém CASCAIS AIRPORT Museu da Electricidade Tejo Ponte Padrão dos 25 de Abril Museu de Descobrimentos Torre Arte Popular Forte do de Belém escale: 500m Bom Sucesso

16 THE BARONESA THE BARONESA 17 03 PROJECT TEAM THE BARONESA LUXURY HOTEL APARTMENTS, LISBON

OWNERS Hotel in St Barths (French Caribbean – sold in 2013 to company with over 25 years of experience in Portugal alone. It has built up an excellent reputation over many Velvet Details luxury products group LVMH). Kempinski Hotel Prague years and is known for its quality of construction, efficiency, Investimentos Imobiliários Unipessoal Lda (acquired in December 2013 and immediately repositioned sustainability, technological innovation, and for meeting NIPC 510427847 and reflagged as independent boutique hotel the Mark Luxury Hotel Prague). client deadlines. SANJOSE has won numerous awards and GERENTES/MANAGERS – Chris Eddis & Peter Lowe its portfolio of projects and track record is available online (www.gruposanjose.com) showing selected projects and LAWYERS highlights across all sectors. DEVELOPERS for all conveyancing & GRP/NHR applications. Morningbridge Lda PLMJ was founded in Lisbon 50 years ago, but has an ARCHITECTS NIPC 510768288 impressive international reach, especially in Asia (Hong GERENTES/MANAGERS – Chris Eddis & Peter Lowe Kong and China), , Africa and Latin America. With Metro Urbe – Projectos e Consultoria em Arquitectura Lda. over 210 lawyers and 43 partners, PLMJ is also one of NIPC 507341350 Morningbridge Lda is a joint venture enterprise between: Portugal’s largest law firms. Core to their success is their Bridgehead Capital Ltd (Bridgehead) & Mornington Capital GERENTES/MANAGERS – João Pedro Pedras & Helder mission to provide first class legal services with high Ltd (Mornington). Cordeiro ethical standards at competitive prices. Bridgehead, headed by Peter Lowe, is a development João Pedras and Helder da Silva Cordeiro founded Metro PLMJ has a partnership with Dacheng Law Offices, the and investment company which has developed in many Urbe in 2005. With a team of ten professionals, Metro largest law firm in China, with offices spread throughout locations around the world (UK, Portugal, , Urbe’s main focus is directed at central Lisbon properties China (www.dachengnet.com). They are providing a and projects. It has extensive experience working with, and and the Caribbean). It has over 18 years’ experience in combined service for both the GRP application and maximizing, old Lisbon palace buildings. In the last ten Portugal, having developed and sold over many parts of the renewal along with the property conveyance for a fixed years, Metro Urbe has also worked on several international country from Sagres (Western Algarve) up to near Óbidos fee of EUR 7,500 plus any statutory application fees. hotel resort projects, at times with many worldwide (40 minutes North of Lisbon). Bridgehead has also acted architects’ practices. This combined experience helps the as a consultant to many other developers, banks and funds. firm bring modern solutions to very local architectural Mornington, headed by Chris Eddis, (ex Goldman Sachs CONSTRUCTION problems. Metro Urbe’s philosophy is simple and threefold: and JP Morgan), is a hotel and real estate investment Constructora San José, S.A. (SANJOSE) design should be sustainable, it should be based on company with a specialisation in identifying, turning around NIPC 980048095 understanding its target users, and it should incorporate and operating hotel and real estate businesses and assets. 21st century solutions. Working with small teams tailored GERENTE/MANAGER – Nilton Ramos Mornington’s experience includes Six Senses Resorts to each project, Metro Urbe has also worked successfully (investment, strategic management, board representation SANJOSE operates in more than 20 countries. The company with SANJOSE on many projects in Lisbon such as the and expansion of “barefoot luxury” concept), Isle de has a reputation as a successful international construction Lumiares Luxury Hotel Apartments.

THE BARONESA 19 04 INVESTMENT CASE WHY INVEST IN LISBON?

INVESTMENT OPPORTUNITY: TOURISM: RESIDENTIAL REAL ESTATE INVESTMENT:

Lisbon remains an important business and trading Portugal has long been a popular tourist destination, Institutional investment has returned to the residential centre and is the country’s main economic driver in owing to its climate, beaches and golfing facilities and and commercial property sector in Portugal and leading Portugal’s recovery from the recent recession, tourism is making an increasingly important contribution especially in Lisbon. Lisbon, according to the Royal making this a good time to invest in real estate. Lisbon to the country’s economy. The thriving tourist industry Institution of Chartered Surveyors, is the only area contributes around 45% of the GDP of the country, will help to underpin the rental market and occupancy at present in Portugal where residential prices are mainly through services and industry. Portugal’s for real estate investments. Lisbon in particular has improving and the supply of high quality stock is recovery has been helped by historical and linguistic enjoyed year-on-year increases in tourist numbers as becoming scarcer. The rating agency Fitch reports that links to 7 Portuguese speaking countries, most notably it is fast becoming one of the top ten most popular house prices in Portugal are already improving, whilst Angola, and Mozambique. The Financial Times citybreak destinations in Europe. Tourism in Portugal the OECD estimates that property prices in Portugal, recently described Portugal as the “the surprise hero made up 9.1% of the country’s GDP, valued at 10.4bn relative to rents and incomes, appear to be undervalued of Eurozone growth” (16.2.14), citing “record levels of in 2014 reflecting the large increase in visitor numbers. by between 5-10%. export growth and tourism” as the principal drivers.

SUMMARY: • The Lisbon real estate market is recovering and prices of residential property are increasing and are likely to do so for several years to come. • There is a shortage of high quality apartments in Lisbon with the build quality, service and price that will be delivered by The Baronesa Luxury Hotel Apartments. • The Tourism industry is an important component of Portuguese GDP and is particularly buoyant in Lisbon, where it underpins the property lettings market, either on a short term or long term basis. • The Lisbon real estate investment market has been boosted by international investor interest in the Portuguese Golden Residency Permit and Non- Habitual Residency tax schemes and the increasingly good returns available in this market. • The Baronesa Rental Guarantee and Management structure allows for return on your investment safe in the knowledge that your investment is being properly and professionally managed.

20 THE BARONESA THE BARONESA 21 05 THE GOLDEN RESIDENCY PERMIT (GRP) SUMMARY

BACKGROUND: HOW TO APPLY: GRP was introduced by the Portuguese Government • All GRP matters are handled by the Serviço de in 2012. The regulations are aimed at attracting foreign Estrangeiros e Fronteiras (SEF). investment to the country by creating a straightforward International Law Firm, PLMJ, headquartered in and quick method of obtaining residency visas. • Lisbon, is retained to process GRP applications for our buyers. This can be achieved via their associated WHO MAY APPLY: offices (including China, Brazil and Russia) and/ or in Lisbon as required. PLMJ will charge a fixed Any non-EU citizens involved in an investment activity, EUR 7,500 fee for both the conveyance and GRP either individually or through a company conducting, at application. This fee includes the application for the least, one of the following operations in Portugal for a buyer’s spouse and one child. Other family members minimum period of five years: can also apply, at the same time, for an additional fee of EUR 500 per applicant. • Acquisition of real estate with a value > EUR 500,000 (on equity basis, ie not including any mortgage amounts); • Capital transfer with a value equal to or above EUR 1,000,000; • Creation of at least 10 jobs.

WHAT ARE THE ADVANTAGES OF THE GRP:

In exchange for the investment in Portugal, the beneficiary of the GRP can: • Stay in Portugal without need for a residency visa; • Reside and work in Portugal whilst being able to maintain a residency in another country; • Circulate within the Schengen area without need for a visa; • Benefit from family membership; • Request a permanent residency permit after 5 years.

22 THE BARONESA THE BARONESA 23 06 THE BARONESA LUXURY HOTEL APARTMENTS PROPERTY SPECIFICATIONS

FEATURES • Cat 5 wiring • Superior branded appliances to include oven, hob extractor, fridge-freezer, dishwasher and coffee Variety of natural stone floors • Security alarm system, smoke detectors and fire • alarms machine Contemporary meets Traditional, using both modern • 24 hour Reception Desk • Luxury finished bathrooms using both natural stone and classic Portuguese materials (tiles and calçada) • and Portugese tiles Top quality wood effect flooring in all apartments • Large landscaped garden with heated outdoor pool • • Roca chrome bathroom taps and showing fittings Apartment doors in solid wood, main entrance door • Underground parking with storage lockers • • Roca bathroom porcelain covered in leather • Spa & Gym on ground floor and basement -1 level • High ceilings and good natural light Electric roller blinds • BUILDING CONSTRUCTION • Double glazed windows with white wooden shutters • Lifts to all floors (guest and service) Foundations and structure in reinforced concrete • Balcony with metal balustrades and hand rails • • Full air- conditioning (reception and apartments) KITCHENS AND BATHROOMS • Classified existing facade refurbishment Interior classified 17th Century stairwell • Wired for cable TV, broadband and Wi-Fi Bespoke LEIKEN high quality kitchens • • refurbishment • LED light fixtures • Corian worktops and upstands • Bticino switches and power sockets

24 THE BARONESA THE BARONESA 25 T2 APARTMENT

IDENTIFICATION DIMENSIONS in m2 Apartment nº 2 D Apartment 181.02 Store code -2.04 Store 4,69 -2.07 Parking -3.16 Parking 37,19 space -3.17 TOTAL: 222,90m2

26 THE BARONESA THE BARONESA 27 28 THE BARONESA THE BARONESA 29 T2+1 LOFT DUPLEX

IDENTIFICATION DIMENSIONS in m2 Apartment nº 3 B Apartment 188.56 Store code -2.09 Store 5,54 Parking -1.10 space -2.12 Parking 22,27 Terrace 10,81 TOTAL: 227,18 m2

30 THE BARONESA THE BARONESA 31 32 THE BARONESA THE BARONESA 33 34 THE BARONESA THE BARONESA 35 The Baronesa Spa & Gym is located through the historic cloister on the ground floor. Occupying 295m2 with a The Alvito Bar & Restaurant located on the ground floor occupies 345m2 and will provide both room service and large fully equipped gym overlooking the pool and landscaped garden. The spa has four treatment rooms and the breakfast to hotel guests. It will also be open for lunch and dinner to both residents and non-residents, showcasing male and female changing rooms each have their own steam and sauna. The Spa & Gym have been designed and an international cuisine along with local specialities. Wines will be on display along the bar wall and will showcase the ALVITO equipped with input from former senior spa management of Six Senses Resorts & Spas. outstanding wines from Portugal and abroad. WELLNESS BAR & RESTAURANT

36 THE BARONESA THE BARONESA 37 07 HOTEL MANAGEMENT, OPERATIONS & RENTAL RETURNS

The Baronesa will be the second Lisbon hotel operated • Baronesa Spa & Gym: the Spa & Gym has been by PORTAL HOTEL MANAGEMENT (PHM). designed to cater for owners and hotel guests alike, but will be open to the general public on a The company was established in 2015 to combine efforts, commercial basis. Owners and their guests will energies and skills of a focused team of international benefit from priority use and significant discounts hotel professionals who have worked together for over for any treatments at the Baronesa Spa & Gym. 10 years – developing, operating, financing and turning around under-perfoming hotels worldwide. The Rental Guarantee is only available to purchasers who opt into the Baronesa Hotel Management Agreement PHM was established to design, build, manage and (BHMA), which agreement governs how the apartments operate luxury 5* boutique hotels in Lisbon, but at are rented out and managed by PHM. All purchasers the same time benefits from current and recent track who opt into the BHMA will receive a guaranteed 4% record and experience from 5 star hotels in Prague, St Barths and Asia where we currently own and/or gross return (based on purchase price) for the first three manage/operate > 1,250 rooms in 18 hotels. Current years of operation. and recent hotel experience includes the Mark Hotel In the next page is an illustrative example of purchaser’s Prague, Six Senses Resorts (Asia, Europe), Toiny and returns, based on a EUR 500,000 T2 apartment on the Isle de France Hotels (St Barths, Caribbean), Schlossle second floor. The assumptions and outline terms of the Hotels (Tallinn, Riga). Rental Guarantee are shown below for the first three The Baronesa will be branded and managed as an years, followed by an illustration of projected returns independent, international 5* luxury apartment hotel after the guarantee period. and will join an international affiliation such as Leading Hotels of the World, Preferred Hotels or Luxury Hotels of the World. RENTAL RETURNS: GENERAL ASSUMPTIONS OF ILLUSTRATIVE ANALYSIS • Apartment/Hotel Operations: this will cover the general management and administration of the hotel The illustrative analysis assumes that all 25 apartments apartments, including purchasing, tour operator are sold and pooled back to the Baronesa to manage contracts etc. as well as management and training and rent out according to the BHMA. Each purchaser is of staff, front of house, concierge and marketing of entitled to his pro rata share of all pooled room revenues apartments that are managed on behalf of buyers. from apartments, with the pro rata share based on the purchaser’s price relative to the total purchase price paid • Food & Beverage (F&B): Food & Beverage (F&B): for all apartments sold. Please note that purchasers are will either be outsourced to one of several excellent only entitled to the guaranteed return for the first 3 years local F&B operators in Lisbon or be operated in- of operation on condition that the apartment is pooled house. Day-to-day operations of the F&B outlets will back to Baronesa to manage, and is further subject to be overseen as part of the operation of the hotel the detailed terms and conditions of the BHMA. apartment business. 38 THE BARONESA THE BARONESA 39 GARDEN IMAGE

PORTAL HOTEL MANAGEMENT PORTFOLIO

It is also assumed that all furniture and fittings of ILLUSTRATIVE ASSUMPTIONS Established in 2015 to combine efforts, energies purchased apartments remain the property of the and skills of a focused team of international hotel • Purchase price assumed > EUR 500,000 Baronesa, but also any insurance costs of such furniture professionals who have worked together for and fittings are borne by the Baronesa. Personal items • Guaranteed yield for 1st 3 years > 4% of Purchase over 10 years – developing, operating, financing, turning around hotels worldwide. in the apartments that belong to purchasers or guests Price, starting from completion remain the responsibility of that individual, in accordance • Assumed pro rata entitlement > 1.85% of Gross Established to design, build, manage and operate luxury 5* boutique hotels in Lisbon, but at the with hotel industry standards. Room Revenue Participation (this assumes pro rata same time… The analysis does not take into account the impact of % based on total sale revenue from sale of all 25 pooled PHM benefits from current and recent track record personal income tax liability for each apartment holder apartments) and experience from 5 star hotels in Prague, St as this will depend on various factors outside of the • Room Revenue Participation % > 45% of Room Barths and Asia. PHM team currently own and/or scope of this illustration. Purchasers are advised to Revenues (net of sales tax) manage/operate > 1,250 rooms in 18 hotels. seek their own tax advice in order to determine the • Deduction of Municipal Taxes/IMI > 0 for first 5 obligations regarding tax, reporting and other similar Current and recent hotel experience includes years, then estimated EUR 800 per year THE MARK LUXURY HOTEL SIX SENSES GROUP SCHLOSSLE HOTELS the Mark Hotel Prague, Six Senses Resorts (Asia, factors. Prague, Czech Rep. Asia, Europe Tallinn, Riga Europe), Toiny and Isle de France Hotels (St • Deduction for PMA Fees > EUR 200/month 2013 - present 2001 - 2010 2001 - 2006 Barths, Caribbean), Schlossle Hotels (Tallinn, (concierge, security, maintenance) Riga).

ILLUSTRATIVE RETURNS IN EUROS (assumed completion end February 2018)

2018 2019 2020 2021 2022 Room rate €220 €270 €280 €287 €294 Occupancy 55% 62% 65% 65% 65% Gross Rooms Revenue €2.34m €3.24m €3.52m €3.61m €3.70m Guaranteed: years 1 to 3 €20,000 €20,000 €20,000 €- €- Projected returns: €- €- €- €30,093 €30,846 Mandatory DEDUCTIONS: PMA fees: €2,500 €2,500 €2,500 €2,500 €2,500 Municipal tax IMI €- €- €- €- €- Net to owner €17,500 €17,500 €17,500 €27,593 €28,346 LUMIARES LUXURY BARONESA LUXURY ISLE DE FRANCE & LE TOINY % Return to owner 3.5% 3.5% 3.5% 5.52% 5.67% Lisbon, Portugal Lisbon, Portugal St Barths, French W.I. PLEASE NOTE: Above projected returns are purely for illustrative purposes and do not take into account income tax implications. 2013 - present 2014 - present 2006 - present Returns do not take into account purchasers’ personal use of apartments for up to 6 weeks per year (2wks free – 2wks at 50% & 2wks 30% discount on hotel room rate) Usage is transferable to purchasers’ friends and family, however the Baronesa Luxury Hotel Apartments reserves the right to apply a 30 day blackout period each year.

40 THE BARONESA THE BARONESA 41 PORTAL HOTEL MANAGEMENT TEAM PORTAL HOTEL MANAGEMENT CASE STUDIES

CASE STUDY I: THE MARK LUXURY HOTEL CASE STUDY II: SIX SENSES RESORTS AND PRAGUE, OWNED, OPERATED AND MANAGED www.themark.cz SPASBOARD MEMBER (INCL CFO), ADVISOR, SINCE 2013 FINANCIER, INVESTOR (2001 – 2010)

• Principals acquired the 75 key refurbished 5* palace • Chris Eddis served as board member for Six Senses building in Prague (Dec 2013) for 5 years, including 18 months as standing CFO • The 5 year old hotel had been loss-making for 4 out • Mornington Capital participated in JV financing of 5 years before purchase between Deutsche Bank and Six Senses to grow from one resort (Soneva Fushi in Maldives) in 2001 • We terminated Kempinski as manager and operated into global resort & spa company by 2006 hotel as an independent 5* boutique hotel • Chris Eddis & Mark Russell worked closely with the • We re-named the hotel as the Mark Luxury founders and board members inclunding Jamie Hotel Prague, re-trained staff, replaced heads of Waring to grow the business in Europe & Americas, department and re-focused guest targeting to & to expand the spa business globally individuals, film crews and select businesses • Valuable experience gained in global business • In our first year of ownership, we increased rates by expansion, but also in understanding hotel operating 10% and earnings by 510% companies from the inside Apart from financial improvement, we now run a 5 • • Six Senses grew from one resort in Maldives in 2001 star boutique hotel with happy staff and higher to 12 hotels and resorts in Asia, 20 spas worldwide, ratings (tripadvisor, LQA) than when under “brand and a global lifestyle brand name” management…

• Our restaurant has improved from top 30 in Prague to top 3 in the last 6 months...

The Mark Luxury Hotel is now owned independently and operated by Czech Inn Hotels, our partner in Prague (15 hotels, >1,000 rooms). We joined Leading Hotels of the World for global marketing support and affiliation.

www.sixsenses.com

42 THE BARONESA THE BARONESA 43 08 PALACE HISTORY PALACE CONDE-BARÃO DE ALVITO

Lisbon, the majestic port at the mouth of the Tagus, has company of the gardeners more than her husband. We purchased the site from its bank owners in April enjoyed periods of great prosperity, particularly, as a The Barons and Counts of the family lived here for the 2015 and immediately set about planning our second result of the spice trade in the 16th and 17th centuries. The next one hundred and fifty years, finally leaving in 1755. apartment hotel project in Lisbon. Conserving as much 17th century palace was formerly known as the Palace Over the subsequent centuries it underwent restoration of the original palace as possible, yet with an eye on Conde-Barão de Alvito, was originally the homes of and improvements until the early part of the twentieth bringing the building up to 21st century standards as the Barons (later Counts) of Alvito from which the century when the ground floor was converted into a befits a 5* luxury hotel, it has been possible to create property, and the street where it’s located derive their number of shops and the higher floors occupied by twenty-five apartments all with parking and a luxury names. D. Luisa Campos Henriques de Almeida, widowed spa. Combined with a large garden, right in the heart Viscountess and Countess of Pinhel. Towards the end of Lisbon, The Baronesa will be a luxury investment A large house originally stood on the site and in 1606 of the 90’s, the former palace was in a poor state of befitting of the Counts of old. it was transformed into the palace for the Baron of repair with part of the building falling down and the Alvito, John Wolf da Silveira (d. 1654) and the Baroness roof failing in many areas. In 2000-2004 the architect his wife, Magdalena D. Lancaster. The Baronesa, from Augusto Vasco proposed converting into an apartment which the development takes its name, was a colourful building with six large apartments on each floor but character who lavished time and money on the garden these plans came to nothing. though rumour has it she might have enjoyed the

44 THE BARONESA THE BARONESA 45 09 LISBON

OVERVIEW that opens up to a grand monastery in which some of the world and is located just 10 minutes walk from The Portugal’s greatest historical figures are buried. Baronesa Luxury Hotel Apartments. Wonderful, cosmopolitan and extraordinarily diverse, Lisbon is not only the capital and largest city of Castelo de São Jorge Avenida da Liberdade Portugal, but also its cultural, business and investment The winding medieval streets of Lisbon’s most ancient Luxury brand shopping within 15 minutes walk. hub, and one of very few major European port cities on district, Alfama, twist up to the city’s Moorish pinnacle. the Atlantic coast. As well as having excellent links to The dusk-orange walls of the ancient castle dating back the rest of Europe, its large port provides Portugal with to the 19th century, are visible from almost every street a thriving trading gateway to the rest of the world. in the city and symbolise the Portuguese Empire. The Monastery & Church of S. Vicente are nearby in Graça. Its population of c. 550, 000 in the main city, and c. 2 million in the greater Lisbon area, makes it economically Tram 28 important, and yet small enough to retain the charm Departing from Praça Luís de Camões to Graça and intimacy that make it so alluring to visitors and every 15 minutes, this is the most charming way for residents alike. With its beautiful architecture, historic tourists to witness many of the city’s most visited and squares, year round warm and gentle climate, nearby photographed sights with one trip, viewed from an sandy beaches, delicious food and vibrant street life, ancient, wooden tram. Lisbon’s popularity is fast on the rise with both tourists and investors, for whom it has much to offer. Torre de Belém A symbol of maritime Lisbon, this Byzantine and Gothic ACCESS tower stands at the mouth of the river Tagus, guarding the city harbour’s entrance. Reached via a raised wooden Lisbon Airport is located close to the city and just a walkway, the tower is filled with intricate stonework and 15 minute taxi ride from the city centre. Lisbon has offers great views over the Atlantic Ocean. good rail links from Entrecampos Station (15 minute taxi from Santa Catarina) with inter-city rail services Praça do Comércio to Porto in the north and the Algarve to the south. The square was originally named Praça do Comércio The city is also at a strategic junction of the European (Commerce Square) to indicate its function in the motorway network, with road links to the north and economy of Lisbon. The symmetrical buildings around south as well as into Spain. the square were filled with Government offices responsible for customs and port activities and are still in use today by some of the current Government’s LISBON ATTRACTIONS ministries. The centrepiece of the square is the Mosteiro dos Jerónimos equestrian statue of King José I, which was erected This commanding 15th century Manueline monastery was in 1775 in the centre of the square. This bronze statue built to commemorate Vasco da Gama’s discovery of was the first monumental statue dedicated to a King India. The main attraction is the delicate gothic chapel in Lisbon. This is one of the most beautiful squares in

46 THE BARONESA THE BARONESA 47 10 11 DEPOSIT PROTECTION PURCHASE PROCESS & TIMINGS SCHEME & DEFECT

INSURANCE THE GOLDEN RESIDENCY PERMIT (GRP) BUYER: being completed. 50% of construction is defined prospective purchasers should note that all elements of A simple five stage process is required to complete the as the completion of the shell of the building and the development’s design and specification may, at the DEPOSIT PROTECTION SCHEME. investment/purchase of an apartment in The Baronesa completion of the roof. developer’s discretion, be subject to alteration during Luxury Hotel Apartments. The purchaser will be fully • Stage Five - Prior to completion of the building and construction. This brochure will not form part of any In order to give investors greater peace of mind, we soft opening of the hotel, the purchaser’s lawyer contract or warranty, nor does the developer make any have purchased Deposit Insurance. This coverage is advised in all matters related to the acquisition by the warranties or guarantees of any kind, whether express against the unlikely event that the developer becomes independent international law firm PLMJ, who, at the will arrange for the title transfer of the completed or implied, in relation to the final product. This brochure insolvent during the period of construction and up to the purchaser’s instruction, will handle all matters on their apartment (the Deed) and the final stage payment of is not intended and can not be construed as an offer apartment being handed over on completion (Deed). It behalf. 40% to be released simultaneously. The Deed price will take into account all payments already made. to sell securities of any sort. Any projections relating covers up to 40% of the purchasers total down-payment • Stage One - The purchaser will enter into a to potential income deriving from properties described of the purchase price or the amount that they have paid Reservation Agreement to purchase an apartment PLEASE NOTE: The purchaser’s application for the Golden herein are illustrative and subject to risks for which to the developer up to the point of insolvency being in the Baronesa Luxury Hotel Apartments. A non Residency Permit will be lodged at Stage Two. Permits are the developer cannot be held responsible; prospective declared (whichever is the lesser) for a period of 18 refundable deposit of EUR 20,000 will be paid by the anticipated to be issued within two months of application. purchasers must make their own determination of months from signing the Promissory Contract. purchaser to secure the apartment of their choice. the potential risks and rewards involved, including The purchaser will also sign a Power of Attorney to but not limited to commercial, financial and fiscal PLMJ to allow PLMJ to execute the necessary deposit STANDARD PURCHASING PROCEDURE STRUCTURAL DEFECT INSURANCE. considerations. This brochure does not constitute an arrangements (Deposit Agreement) and to prepare (NON GRP BUYERS): We have been the first developer in Portugal to introduce offer or commitment for sale, and the developer may the Promissory Contract on behalf of the purchaser. The purchase process follows the same stages as for a 10 year Structural Defect Insurance Policy. In the event withdraw from any discussions or negotiations with any the GRP purchasers, but the purchase funds are not of a Structural Defect becoming known, the policy • Stage Two - The purchaser’s lawyer will sign the purchaser resulting from or in any way connected with held in a Deposit Account. Instead they are released covers either the rebuilding of the entire Structure or Promissory Contract (CPCV) for the purchase of information or data provided in this brochure. the rebuilding cost of an individual purchaser’s property, the apartment(s) and the Deposit Agreement on to the developer from the purchaser directly and the whichever is the lesser. This policy becomes effective on the purchaser’s behalf. The purchase price (less final Deed price will similarly take into account all stage Practical Completion of the Property. the deposit already paid) will then be paid into the payments previously received. Each section above is underwritten in one policy by Elite deposit account care of PLMJ and will be released Insurance Company Limited, 47-48, The Sails, Queensway subject to milestones being met in accordance with DISCLAIMER Quay, Gibraltar. Full terms and conditions available on the Deposit Agreement. The first stage payment request Elite Insurance Company are duly authorised in (20%) will be released upon obtaining the final The particulars, pictures and plans in this brochure are Availability list Gibraltar by the Financial Services Commission (FSC) construction permit to commence construction of illustrative only and are intended to provide potential and prices under authorisation number 446926. Elite Insurance the Baronesa. purchasers of hotel apartments with guidance only available on request. Policies are re-insured through Lloyds of London. about the intended layout, materials, colours and • Stage Three - 20% stage payment released at the general appearance of the completed development. start of construction. Construction will start in the Potential purchasers should be aware that all images of second quarter 2016. the completed development are computer generated • Stage Four - 20% stage payment released on and, whilst the developer has endeavoured to provide completion of fifty (50) per cent of the construction a realistic depiction of the proposed finished property,

48 THE BARONESA THE BARONESA 49 12 CONTACT US

FOR MORE INFORMATION AND OR TO RESERVE AN APARTMENT, PLEASE CONTACT BRIDGEHEAD CAPITAL.

SALES CONSULTANT:

(WK) +44 (0) 20 3327 1661 (Email) [email protected]

Peter Lowe (M) +351 911 075 512 (Email) [email protected]

Ceri John (M) +44 (0) 750 105 6394 (Email) [email protected]

OWNER:

Velvet Detail Investimentos Imobiliários Unipessoal Lda (WEB) www.thebaronesa.com (WK) +44 (0) 203 327 1660

DEVELOPER:

Morningbridge Lda (WK) +44 (0) 203 327 1660 (Email) [email protected]

LAWYER:

PLMJ Attn: Francisco Lino Dias Av. da Liberdade, No: 224 • Edifício Eurolex, 1250-148 Lisboa • Portugal (WK) +351 213 197 300 | (F) +351 213 197 400 | (M) +351 916 525 601 (Email) [email protected]

www.thebaronesa.com

50 THE BARONESA THE BARONESA 51