RCP Finance is pleased to announce the successful arrangement of a senior construction loan facility provided by Novo Banco as part of the €20 million funding for the development of the 4-star Fogo Ecolodge in São Miguel, Azores.
The facility will finance the construction of a unique 4-star ecolodge, further enhancing the Azores’ reputation as one of Portugal’s leading destinations for sustainable and experiential tourism. The future hotel with a total construction area of 3,480 m² will feature 42 Lodging Units and 86 Beds, a wellness spa, and a restaurant focused on locally sourced cuisine; all designed to integrate seamlessly with the island’s lush volcanic landscape and natural biodiversity.
This financing underscores the growing investor and lender confidence in the Azorean hospitality market. The project is designed to meet the rising global demand for high-quality, environmentally responsible accommodation that celebrates nature, culture, and local community engagement.
The Azores, a UNESCO Global Geopark, have become a benchmark for sustainable tourism in Europe, balancing economic growth with strong environmental stewardship. The Fogo Ecolodge development will contribute to this vision by promoting eco-friendly construction, renewable energy use, and nature-based guest experiences that preserve the islands’ unique ecological heritage.
Recognized as a “Project of Regional Interest,” the development has also been awarded E.U. subsidies under the Construir 2030 programme a further testament to its strategic and sustainable importance for Portugal’s tourism future.
Regis Castro and Ruben Chicheportiche at RCP Finance, commented: “We are delighted to have structured this financing for the Fogo Ecolodge, a truly exceptional project that pioneers sustainable luxury in the Azores. This transaction demonstrates the strong appetite from key Portuguese lenders like Novo Banco for well-designed hospitality projects in prime, developing locations. We are proud to support our client’s vision and contribute to the growth of this unique destination.”
Benoit Haenecour at Fogo Ecolodge, commented: “We are delighted to have relied on the experience and network of RCP Finance to overcome the challenges linked to the specificities of the Portuguese market and the local financing environment. RCP Finance proved to be a key partner in securing our funding, and we are pleased to be moving forward toward the opening of Fogo Ecolodge in 2027 and contribute to the sustainable and high-quality development of tourism in the Azores.”
For more information, visit: https://rcpfinance.com/
