Hotel plan for Lisbon business centre

The Canadian Mercan Group has bought a business centre near Lisbon for €5 million and will transform it into a hotel.

Altamira has completed the sale process of the Alfragide Enterprise Centre (Centro Empresarial de Alfragide) for €5 million.
The equity and property management company announced the sale this week of the complex which comprises three buildings. Mercan has been operating in Portugal since 2015 and has announced several investments in the Portuguese market.
The most recent, revealed in May, was a €21 million investment in the construction of a hotel in Évora in partnership with the RA Group. The company has a total of 13 projects in Portugal; in Porto, Gaia, Matosinhos and Amarante.
The Alfragide two-unit business centre covers 3,727m2 and has a warehouse with 1,188m2. The whole area covers 6,800m2.
João Ribeiro, director of real estate Altamira Portugal said that the investment by the Canadian group showed “hotel development projects continue to be a trend in the real estate sector with this project certainly contributing to the revitalisation of the city’s Western corridor.”
Jordi Vilanova, vice-president of the Mercan Group said, “This is our first project in Lisbon and will strengthen our investment in the tourism sector and (contribute further) to the positive impact that we want to have on the country’s economy”.
“When added to the other hotel projects that we are developing here, these will have a relevant impact on job creation both in the development and construction phases as in the future hotel when it is running and which will be long-term in terms of jobs,” he said.
The Mercan group also began work in May on the construction of the Renaissance Park Hotel, which is a Marriott brand on a plot of land close to the Lapa church in Porto in an investment estimated at €56 million. The hotel will have 163 rooms and create 140 jobs in the city.