Chitra Stern, a British-Swiss entrepreneur with Singaporean roots and Indian heritage, is the force behind Martinhal Family Hotels & Resorts. As the CEO, Stern transformed a real estate venture in Portugal into a luxury hospitality brand that caters to multi-generational families. Beyond her achievements in the hotel industry, she is a passionate about making an impact for global citizenship and education. Sterns shared with Crain Currency her entrepreneurial journey, the evolution of Martinhal and her commitment to philanthropy.
As a key figure in Portugal's hospitality industry with Martinhal Resorts properties in Lisbon and the Algarve, your ventures likely began with a strong focus on real estate. What initially drew you to invest in these regions?
My husband and business partner, Roman Stern, and I had the opportunity to work on a real estate project in Zurich, Switzerland, where he is from. From here we started exploring more business opportunities in various growth markets. A group of investors showed us some real estate opportunities in Portugal. It was an interesting proposition and timing, as Portugal had been part of the European Union for 15 years at that time, and Lisbon had recently hosted the World Expo in 1998. Incidentally this is the neighborhood where we have opened our latest development and branded residences, Martinhal Lisbon Oriente, in Parque das Nações.
We relocated to Portugal in 2001 and could see that the country was experiencing a renaissance. Infrastructure was growing quickly, and airports were increasing their capacity, while connectivity across the country was improving. British travelers were already flocking to Portugal for its beaches and warm weather, but Portugal was still largely an undiscovered gem in Western Europe. We saw the appeal, especially for families: miles of white sand beaches, a safe and welcoming environment, picturesque villages, mild climate, delicious food and wine, a dynamic capital city, and a deep wealth of history and culture that was yet to be explored. English was already widely spoken, a key factor for international tourism.
We set out to develop our flagship resort in the Algarve, Martinhal Sagres, which opened in 2010. And then between 2013 and 2015, we opened Martinhal Cascais and Martinhal Quinta do Lago, also in the Algarve closer to Faro. In 2016, we opened our first property in Lisbon, Martinhal Chiado. Now with an award-winning resort in the Algarve and a growing brand following, it was a goal for us to bring the Martinhal experience to the heart of Lisbon and establish a boutique property in one of the most sought-after neighborhoods, Chiado.
I can imagine that bringing a concept of this scale to life required a tremendous amount of effort and determination. Can you share the story behind the first project you developed?
We were shown a plot of land to develop in Sagres in 2001, a small fishing village in the southwesternmost tip of the Algarve with pristine beaches. The area was quiet and had limited tourism. But English was widely spoken, and we instantly fell in love with the destination's rugged coastal position; the stunning, protected natural park. We envisioned creating a 5-star resort with families at the heart of our brand's DNA as we started to have children and we realized the pain points of families having children at an older age and wanting to spend luxury holidays together.
We acquired the land with some basic planning permissions, zoning and basic infrastructure in 2002 and started to develop the land in phases. We discovered the challenges of property development, its bureaucracies in a foreign land, the challenges of raising money from banks and from individual buyers of the houses and apartments we were building as part of the resort.
The biggest hurdles we faced were the start of the global financial crisis in 2008 and Portugal going into bailout in 2011. We lived onsite from 2009 through 2016 whilst completing the construction, starting a new hotel brand, building up a resort business in a far-flung corner of Europe whilst raising our kids. Despite the challenges, the adventure was a rewarding one. Martinhal Sagres opened to guests in 2010, and we grew the business to also include the shoulder and low seasons over time. We also managed to then discuss further properties in the Algarve and Lisbon, which we acquired to turn around using the Martinhal brand. The children also grew up understanding what an entrepreneurial life was about, which has formed them in a big way.
Let’s talk impact. How have you added to the positive impact on the local communities that you operate in?
The majority of our staff members are local, so we have provided a host of employment opportunities and cover ongoing hospitality training to foster growth and career mobility in the travel industry, whether they choose to stay within the Martinhal collection of hotels or explore opportunities abroad with the skills they've acquired. Additionally, in the case of Sagres, by creating an upscale resort that is open year-round that attracts guests throughout the different seasons, we bring tourism to a remote area that is otherwise very quiet in the winter months. Local people and the regional town hall have thanked us for doing this anchor project in their region, which has had positive impacts on their lives and their businesses. We are also highly regarded by Visit Portugal, the tourism ministry of Portugal, as an innovative group that has been led by foreign direct investment.
You started an international school during COVID. Can you tell us about that?
I was invited to join a special temporary task force for foreign direct investment, set up by the prime minister’s office from 2017 to 2019. Something I identified was that Portugal was attracting a lot of attention for foreign investment and especially startups, but the lack of international schools was a barrier to actually keep these companies in the country.
Without a background in opening schools or education, I knew this was a challenge that I wanted to explore and work toward opening a world-class international school that would offer the IB [international baccalaureate] system and with an international curriculum. In September 2020, we opened United Lisbon International School, which runs from early childhood to grade 12.
It was a difficult time to launch — in the middle of the pandemic, where there was still much uncertainty about how schools could operate safely. But we launched and started with 80 students. Today, I am proud there are over 600 students enrolled and 50-plus nationalities represented. In 2022, we brought in the Dukes Education group as a partner in our venture, which further elevates the school's position as a leader in education. Continuing with Martinhal's brand ethos, we have a deep commitment at United Lisbon toward fostering, teaching and inspiring the next generation of global citizens. It is based on the pillars of technology, global citizenship, entrepreneurship, the arts and sports, which Roman and I feel are crucial pillars in educating the next generation.
How has it changed the landscape of the area?
This is the first international school to open in this area of Lisbon in recent years, and it is especially fitting in its location in the Park of Nations neighborhood — which is the most modern district in Lisbon and where many families choose to live, thanks to its vibrant culture, entertainment and dining scene, and beautiful riverside setting. The school itself was erected in a derelict 1950s building that we were able to salvage and transform into a world-class facility for modern education, within a leading new campus, the Edu Hub — a new learning and innovation hub for Lisbon that attracts students, professors, technology and business innovators. It also has vast public spaces and sports grounds, making this a new and exciting addition to Park of Nations and the wider Lisbon area.
Medical history summary and records: Guidance for family offices
By BRIAN S. DOORECK
Maintaining organized, accessible medical records is essential for high-net-worth (HNW) families. Reliance on doctors and hospitals to communicate effectively or access your medical records, even accessing your “MyChart,” does not assure the level of preparation and planning that your health care deserves.
Ask yourself: How prepared are you for board meetings, mergers or business acquisitions? How prepared are you when you go to a doctor's appointment?
Preparing a medical history summary and medical record management ensures continuity of care across providers, aids emergency preparedness and protects privacy. Yet family offices often need help with the complexity and fragmentation of health care systems. This guide provides actionable steps for family offices and HNW advisers to streamline medical record management, enhancing security and quality of care — with the preparation and planning for what matters most.
The importance of a medical history and summary
Essential preparation: For HNW individuals and families, maintaining an up-to-date medical history summary is an essential investment in health and peace of mind. Think of this as a health care executive summary. This has a vital role in preventive, routine health care. It is ideally created and reviewed by a doctor so it reads the way a doctor wants and needs it to be organized.
Immediate access in emergencies: In critical situations, every second counts. Having a secure, cloud-based, comprehensive medical history summary readily available — including allergies, medications and past diagnoses — ensures that emergency medical teams have instant access to essential information like allergies, chronic conditions, past surgeries and current medications. This saves time and enables the best possible care, potentially avoiding life-threatening complications from delayed or incomplete information.
Streamlined care across specialists: HNW individuals often seek care from specialists or top providers across multiple locations, leading to fragmented records. A centralized summary helps doctors quickly understand a patient’s health status without relying on piecing together information from various providers. This continuity minimizes the need for redundant tests and keeps providers informed, facilitating more effective and efficient care. Direct doctor-to-doctor conversations before and after those appointments further elevate the level of care one can receive.
Minimized medical errors: Medical errors, particularly those involving drug interactions or allergies, can have serious consequences. A well-organized summary helps prevent errors by allowing health care providers to easily verify a patient’s complete medical history. This transparency is vital for patients with complex or chronic health issues who may be prescribed medications by several specialists.
Reduced stress for family and advisers: In emergencies, family members and advisers are often required to make quick decisions, sometimes with incomplete or inaccurate information. This alleviates pressure by providing precise, documented details that help family members or advisers make well-informed choices when it matters most.
The importance of medical record management
Enhanced privacy and security with control: HNW families can choose what information to share with specific providers, protecting sensitive data while ensuring that the correct details reach the right professionals. This empowers individuals to take ownership of their health care information, maintaining privacy and quality of care. Medical records contain susceptible information, making privacy paramount.
Preparation and control: In short, it isn’t just about preparedness; it’s about giving individuals and families control over their health care journey, safeguarding against risks and ensuring they’re positioned for the best outcomes in any medical scenario. Preparation and planning matter more than ever in health today.
Continuity of care: Complete medical records help physicians understand a patient’s entire health history, reducing redundant tests and potential medication conflicts. For HNW clients who consult specialists globally, centralized records are critical for consistent and informed care, especially for those with complex health needs.
Challenges family offices face
Communication and access: Many HNW clients now rely on local concierge physicians for their primary care. However, that is usually limited to that local provider's geographic location and relationships. Family offices may need time-sensitive or individualized specialized solutions to provide a direction of care, especially for clients receiving care in multiple locations.
Fragmented records: HNW clients often have health care histories scattered across specialists, hospitals and countries. Collecting and organizing records into a unified system is challenging, mainly when data formats vary across providers.
System incompatibility: Many health care providers use incompatible electronic health record (EHR) systems, creating barriers to consolidation. Family offices can circumvent this issue by encouraging creating a summary to unify records across different platforms, especially for clients receiving care in multiple locations.
Practical steps to manage and track medical records
Adopt a secure digital platform: Choose a HIPAA-compliant platform to store and manage records securely. Cloud-based options offer flexibility, while on-premise storage suits clients with stricter privacy needs.
Centralize and digitize: Consolidate all records, including paper, into one digital archive. Ideally, it is reviewed, edited and organized by a doctor who understands what is essential.
Schedule regular updates: Update the summary with medical records after each routine or significant health care interaction to keep them current. Coordinating between a patient and a health care advocate ensures accuracy and consistency.