"The signing of these contracts, which will allow the recovery of the Convento do Carmo and the Quartel do Carmo, is a remarkable moment,” Portugal’s secretary of state for tourism, Ana Mendes Godinho.

“Thanks to Revive, it has been possible to transform properties that are closed and unused into assets that will be important factors in generating wealth and creating jobs, reinforcing the attractiveness of Moura and Horta.”

The concession contracts were signed with the company Lux Mundi, winner of the tender for the Quartel do Carmo, and with the SPPTH group (which operates the Convento do Espinheiro), winner of the tender for the Convento do Carmo.

In the Quartel do Carmo, the former convent of the Order of Carmelites, built at the beginning of the 17th century, an investment of €8 million is planned.

The building, located on a plateau in the city of Horta, overlooking the island of Pico, will host a new five-star hotel, which will have between 80 and 90 rooms, a swimming pool, spa and meeting rooms.

The Convento do Carmo will also be transformed into a five-star hotel, with 50 rooms, restaurant and indoor and outdoor swimming pools, at an estimated investment of between €5 million and €6 million.

According to Ana Mendes Godinho, nine Revive properties have already been awarded, representing an investment of €68 million, and 19 public tenders have been launched.