Developer pulls out of textile factory hotel project
The Asian developer who in 2020 bought the former Chemina textile factory in Alenquer at public auction for 1.1 million euros has withdrawn from the project to transform it into a hotel, the mayor said.
“We received a letter from the investor withdrawing the intention to make the investment,” said Pedro Folgado, in statements to the Lusa news agency.
According to the mayor, the project was submitted to the city council at the beginning of this year and “is ready to be implemented”, meeting the conditions to be licensed.
The municipality of the district of Lisbon is analysing with its lawyers the implications of the developer's decision and has once again contacted “potential investors who have shown interest” in the project.
In February 2020, the former Chemina textile factory, abandoned for 24 years, was sold at a public auction by this municipality for 1.1 million euros to the company Sunshine Life - Investimento Imobiliário Unipessoal Lda, owned by an Asian developer, which was the only bidder.
The project included an aparthotel with 50 to 80 rooms, a spa, an auditorium, which would be ceded to the municipality for 20 hours per month, and the maintenance of the architectural design of the façade of the historic building.
The developer had a period of three and a half years [from the public auction] to start the works, after which penalties of 50 thousand euros per year would be applied, the local authority explained at the time.