In a statement, the Portuguese construction company Ecoárea, owned by the Libertas group, said it is "developing the renovation of the former Navy Hospital in Alfama, an imposing 19th-century building that served as a hospital for over 200 years and will now be replaced by the luxurious five-star hotel 'The Standard Lisbon.'"

No investment figures were disclosed for this project.

According to the statement, the project is "scheduled for completion in 2026," and the hotel will have a total of 173 rooms.

The company noted that The Standard brand was founded in 1999 in Hollywood and has properties in places including Miami, Bangkok, and New York, having been acquired by the Hyatt group.

"The Standard hotel chain is expanding internationally, and this renovation project is entirely Portuguese, both in terms of engineering and architecture," it highlighted.

Ecoárea also noted that in October of last year, it completed "the residential development 'Palácio Santa Clara – The Standard Residences,'" also managed by The Standard brand, a private condominium with 32 apartments.