Developer seizes Faro properties for hotel

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“The process brought together several entities with different investment profiles, due to the potential of this asset, namely its possible destinations (Residential, Hotel, Tourist Apartments). The Mercan Properties group turned out to be the acquirer the more competitive, foreseeing, for this asset, the development of a new urban rehabilitation project in the hotel sector,” JLL said in a press release.

According to the consultant, the set of real estate assets in question are close to the marina and the main tourist attractions of the city, benefiting from a unique location and views of the river in the city. “We believe that this project will make a decisive contribution to the redevelopment of the district, giving it a new attractiveness”.

Focus on the Algarve

Quoted in the document, Jordi Vilanova, president of Mercan Properties, comments that “the purchase of these assets is another bet of the Mercan Properties group in the Algarve. It is a region with great potential, where we are now moving towards the development of our third hotel project in this area. It will be our first urban rehabilitation in Faro, which will certainly enrich the economy of the historic center of the city”, he adds.

Gonçalo Ponces, head of development at JLL Portugal, points out that the set of real estate assets in question has always aroused “a lot of interest from potential investors, national and foreign”. “It is with great satisfaction that after a very disputed process, we have finally reached an agreement with Grupo Mercan Properties, which in recent years has been investing very actively from the north to the south of Portugal”.

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