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Mercan Group invests 56 million in hotel in Porto

Mercan Group invests 56 million in hotel in Porto
Dinheiro Vivo | ECO Economia Online · 20 May 2021

The Mercan group and 160 international investors are developing a hotel project in Lapa, Porto's historic district, in an investment of 56 million euros. The Renaissance Park Hotel - Porto, whose construction started at the beginning of the year integrates a wider plan for that area of ​​the city, which includes an urban park of 14,600 square meters.

According to Jordi Vilanova, vice president of the Mercan group, investors acquired a 22,787 square meter plot, of which 17,700 were assigned to the city for the construction of the Lapa urban park and public infrastructure. The assignment was in return for the licensing of the project.

The official underlines that the Mercan group's projects combine "foreign investment, with job creation, the stimulation of tourism and local and national development", and in the case of Porto "it goes even further in its positive impact".

As he reveals, the new hotel "is only possible because there were 160 international investors who saw Gold Visas bet on it, becoming co-owners, and immediately accepting to cede the vast majority of the land acquired to the city". Most investors are from the United States and Asia.

The first stone of the Renaissance was launched yesterday (May 19) to symbolically mark the beginning of the construction of the hotel, which started as early as January and will continue for the next 18 months.

The hotel, which will carry the Marriott International brand, will have 163 rooms, a panoramic outdoor pool on the top floor with a bar and terrace, a restaurant for 250 people, and a congress center with a capacity for up to 600 users. 140 direct jobs are expected to be created.

This Mercan group project is in addition to the recently announced Four Points by Sheraton in Matosinhos, an investment of 20 million euros, which should be completed by the end of this year.

"We believe in the potential of tourism in Portugal and we are convinced that the country has all the conditions that justify the bet in this sector so affected by the pandemic. Reasons that lead us not only to maintain, but to strengthen our position in Portugal, even in the face of to the current economic situation and almost in countercyclical ", stresses Jordi Vilanova.