The July secures €29 million to convert the Palácio da Baronesa

Portugal: Operator The July has secured a green loan of €29 million to convert the Palácio da Baronesa in Lisbon into an aparthotel.

Arranged through a syndicate of banks, the green loan of €29 million is structured with a 15-year term. BPI contributed €14.5 million to the transaction.

The loan will be used to finance the conversation of the 16th-century mansion Palácio da Baronesa in Lisbon, which The July (formerly City ID) acquired in 2023. Located in Largo do Conde Barão, the aparthotel will feature 88 units, a restaurant, spa, swimming pool, and a 1,200 square-metre garden.

As part of the deal, the building aims to become BREEAM certified. 

Completion of the property is expected in 2026. 

Additional locations from The July due to open by next year include Dublin and Amsterdam. By 2030, the group aims to have 20 aparthotels in Europe. 

Highlights:

• The July has secured a €29 million green loan with a 15-year term to fund the conversion of Palácio da Baronesa into an 88-unit luxury aparthotels.

• The project targets energy certification and aims to achieve BREEAM sustainability accreditation.

• It is scheduled for completion in 2026.

• The July plans to open new sites in Dublin and Amsterdam in 2025 and reach 20 European locations by 2030.