Orion Capital Managers through its Orion European Real Estate Fund VI, has signed the fund's first investment by entering into a framework agreement with International Hotel Investments  owner of the Corinthia Hotels Group portfolio and brand, to acquire and own 72 per cent of the five-star 517 key Corinthia Hotel Lisbon.

IHI, which currently owns 100% of the asset, will retain a 28 oer cent 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.