AHM - Ace Hospitality Management to Open 15 New Hotels in Portugal by 2028

Source: Dinheiro Vivo

AHM is closing the year with revenues of €50 million and aims to open 15 hotels by 2028. The company that manages the asset portfolio of Canada’s Mercan Properties is preparing to double its hotel portfolio over the next two years with an additional six thousand rooms. AHM also plans to open its business to external investors and does not rule out international expansion.

AHM – Ace Hospitality Management, a company specialized in hotel management and part of the Canadian group Mercan Properties, will close the year with record revenues of €50 million, representing a 20% increase compared to 2024. The strong results are driven by robust demand, mainly from international markets, and by an increase in rates that was more pronounced in the north of the country. “It was a very positive year; we managed to increase occupancy and revenues. Porto stood out with higher occupancy levels, and we achieved a price increase of between 5% and 7% in the region,” CEO Mariano Faz told Diário de Notícias.

Mercan Properties opened three new hotels in 2025: the Amarello Hotel Praia Santo André, Tapestry Collection by Hilton, in Alentejo; Origine Porto Gaia, a Tribute Portfolio Hotel, in Vila Nova de Gaia; and Moxy Alfragide Lisboa. It also expanded the Renaissance Porto Lapa Hotel with a new wing featuring 78 rooms and a spa, representing a total investment of €140 million. The goal for the next two years is to double the portfolio with the opening of 15 new hotels.

In 2026, the Canadian group, which develops real estate projects in the tourism sector and has already invested a total of €1.2 billion in Portugal over the past decade, will inaugurate two hotels under the Hilton brand: The 6th Bridge in Porto, with 24 accommodation units, and a DoubleTree by Hilton near Humberto Delgado Airport, offering 200 rooms. “The largest share of openings will take place from 2027 onward, with a particular focus on the Algarve, which is the region where growth will be most concentrated,” points out Mariano Faz.

AHM expands business to investors outside Mercan

AHM was founded four years after Mercan Properties began operating in Portugal, as a white-label management company. It currently manages exclusively Mercan’s portfolio of 15 hotels, located in the north, Alentejo, and Algarve, but the goal is to take the leap into managing assets outside the group’s universe. “We are starting to have conversations with different independent investors and investment funds outside the Mercan universe. We already have a consolidated platform and strong relationships with several international brands, which end up recommending us,” reveals AHM’s CEO. In addition to Hilton, Marriott International, IHG Hotels & Resorts, Wyndham, and Accor are among the brands with which the group partners in Portugal.

Mariano Faz notes that 70% of potential investors are foreign, particularly British, Spanish, and Dutch, but there are also Portuguese investors knocking on the door. “They are mainly investors with financial capacity who want to build a hotel but do not have the structure to manage it afterward,” he explains.

Regarding appetite across the national map, the executive states that while the major cities of Lisbon and Porto continue to attract interest, high real estate prices end up compromising business profitability, shifting attention to other destinations such as Alentejo. “There is a lot of interest throughout the Alentejo region; it is positioning itself with a higher-quality product, and that attracts investors. Comporta, Santo André, and Melides are some examples that are increasingly appealing to investors who look very favorably on these areas that are positioning themselves in the five-star market,” he notes.

Looking to the islands, the Mercan Group already has its debut scheduled in Madeira, with the first opening expected in 2027 or 2028. The Azores, however, remain outside the plans for now. “The islands are a more complex destination; there are many factors involved, such as transportation. We do not rule out the Azores, but we need the right opportunity, conditions, and an interesting product to invest in,” he says.

With a broader horizon in mind, and once operations in Portugal are consolidated, Mariano Faz admits the possibility of international expansion. “It will not be something for the short term, but in the long term, yes. We have already had opportunities in Brazil, Angola, and Spain, for example, but for now we want to consolidate growth here, and then, yes, we can think about going abroad,” he concludes.

Mercan Properties began operations in Portugal a decade ago and has accumulated a total investment of €1.2 billion, with 15 hotels from north to south of the country.