• Corinthia and Orion have formed a joint venture through which Orion will acquire a 72% stake in the iconic five-star Corinthia Hotel Lisbon
  • This marks the first investment by Orion European Real Estate Fund VI, which has a target fund size of €1.5 billion
  • Corinthia’s parent company is freeing up capital to fund further growth of the brand and achieve shareholder return objectives

19 January 2026, London: Orion Capital Managers (“Orion”), through its sponsored fund Orion European Real Estate Fund VI, has signed the fund’s first investment by entering into a framework agreement with International Hotel Investments Plc (“IHI”), owner of the Corinthia Hotels Group portfolio and brand, to acquire and own 72% of the five-star 517 key Corinthia Hotel Lisbon.

IHI, which currently owns 100% of the asset, will retain a 28% interest in the JV following completion and its subsidiary Corinthia Hotels Limited will continue to manage and operate the asset.

Corinthia Hotel Lisbon, the biggest five-star hotel in the city, just underwent a complete refurbishment to upgrade its 517 keys, 3,000 sqm award-winning spa, three restaurants to equally cater for business, leisure and MICE travellers.

Rami Badr, Partner, Orion, said:

“We are very pleased to build on our longstanding relationship with Corinthia by acquiring a majority stake in the landmark Corinthia Lisbon. This structured transaction, on a high quality asset with proven financial performance and significant upside potential, thanks to the strength of the Lisbon hospitality market and the just completed refurbishment, is a great example of the opportunities Fund VI is pursuing in today’s market.”

Simon Naudi, Chief Executive Officer, IHI, said:

“We are pleased to welcome Orion as a strategic partner and majority investor in our Lisbon hotel, in which we will continue to hold an interest and operate as a Corinthia Hotel. As owners, developers and operators of the Corinthia Hotels portfolio, we welcome this step to free up capital in support of the achievement of our goals on shareholder returns and brand growth worldwide.”

The investment marks the first deployment of capital from Orion European Real Estate Fund VI, which is targeting a final close at €1.5 billion. The acquisition reflects Orion’s conviction in investment into high-quality hospitality assets in prime European cities, as well as partnering with well-established brands, owners, and operators to realise long-term value.

Commenting on Orion European Real Estate Fund VI, Aref Lahham, Founding Partner, Orion, said:

“Our pan-European, sector-agnostic mandate allows us to identify opportunities across a wide range of sectors where we can create meaningful impact and capture alpha. Over the past 27 years we’ve built substantial expertise across multiple asset classes, enabling us to source and execute good value investments taking advantage of different sector cycles. This transaction reflects that philosophy, leveraging our experience in luxury hospitality to deliver a compelling first investment for Fund VI.”

The transaction is subject to a series of actions required to complete the financing and transfer of the hotel into the joint venture. Closing is expected to take place in the first half of 2026.