5 October 2023 · Corporate Update

Hospitality group expansion — Kashmir enters Lisbon short-term rental market

Kashmir Limited’s Board of Directors has approved the firm’s entry into the European hospitality sector through the establishment of Na Luz de Portugal Unipessoal Lda., a Portuguese subsidiary that will operate a portfolio of licensed short-term rental properties in Lisbon. The decision, taken at the Board’s quarterly meeting in Larnaca, represents a strategic diversification of Kashmir’s investment portfolio beyond its core publishing and media holdings.

Lisbon was selected following a comprehensive market analysis that identified the city’s strong and growing tourism fundamentals, favourable regulatory environment for licensed Alojamento Local operators, and the premium segment’s attractive yield profile compared to other European capitals. The Board noted that Lisbon’s combination of cultural heritage, improving international connectivity, and moderate operating costs creates a compelling investment case for quality short-term accommodation operators.

The initial portfolio will focus on boutique properties in Lisbon’s historic centre, professionally managed to deliver a consistently high-quality guest experience. The Board has approved operational investment for property acquisition, licensing, renovation, and the engagement of professional property management services. All properties will operate under full Alojamento Local licensing, ensuring compliance with Portuguese tourism regulations.

Na Luz de Portugal will report to Kashmir’s Board through the same quarterly oversight framework that governs the firm’s publishing and media subsidiaries, ensuring consistent governance standards across the group. The subsidiary’s performance will be reviewed at each Board meeting in Larnaca, with regular reporting on occupancy rates, revenue, guest satisfaction, and regulatory compliance.

“The Lisbon hospitality investment represents an attractive diversification opportunity that complements our core portfolio,” the Board stated. “We are entering this market with the same disciplined approach that has guided our publishing investments — thorough market analysis, professional management, and active Board oversight from our Cyprus headquarters.”