The hotel chain that will operate in the space, which is located in front of Príncipe Real, has yet to be defined. The Embassy building will be the gateway to the hotel, which will also have the surrounding buildings and old stables restored, reveals ECO, citing Tiago Eiró, responsible for the EastBanc group in Portugal.

EastBanc intends to focus on affordable housing in 2024, with projects to requalify two buildings, where it intends to build the hotel unit. At issue is the Rua da Alegria 76 Project, which intends to design the construction of 31 apartments and houses. According to Tiago Eiró, similar projects have already been advanced in the United States of America.

In 2024, the company also intends to begin work on the Anjos Urban Palace, at Palacete Anjos. In the six-peso building, according to information revealed by ECO, there was, in the 19th century, the headquarters of the Escola Superior Colonial, which later became a branch of the Bank of Portugal (BdP). The building will be redeveloped to house offices and commerce. To ECO, Tiago Eiró justifies the work with the “lack of offices in good, well-located buildings in Lisbon.”