Canadians from Mercan want to reach 31 hotels in Portugal: Mercan Properties Group highlighted on Idealista

Source: Idealista

The investment via Residence Permit for Investment Activity (ARI) is around R$1,200 million. The Canadian group Mercan Properties, which entered the Portuguese market in 2015, wants to increase its hotel presence in the country, planning to grow from 12 to 31 accommodation units by the end of the decade. The investment is being made through the Residence Permit for Investment Activity (ARI), popularly known as golden visas, and amounts to around R$1,200 million. 

“The portfolio, between open hotels and those in the pipeline, is 31 hotels, 3,430 rooms, 1,200 million euros of investment”, says Miguel Gomes, general director of Mercan Properties, in an interview with ECO.

“The investment model we operate in Portugal was innovative as it was the first country where we captured investment and directed it to projects developed by Mercan itself. We raised investment in full for each of these projects”, adds the executive.

According to the newspaper, the group is currently implementing a new investment model in the “hospitality” area, through Mercan Private Equity Fund I, which has a capital of 140 million euros. This new ARI regime requires a minimum investment of 500 thousand euros in investment units, replacing previous options that required lower amounts.

The group already has projects underway for three new hotels in Gaia and Portimão, namely a four-star Marriott hotel in Gaia; a five-star Hilton in Alvor; in addition to the development of the Hard Rock Hotel in Praia do Vau, which involves the rehabilitation of an abandoned building, representing an investment of more than 200 million euros. 

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