Mercan Group buys properties in Faro where it will build a hotel

• 4 October, 22

It is a set of real estate assets with a gross construction area of 6,500 m2.

According to the consultant (JLL), the set of real estate assets is close to the marina and the main tourist attractions in the city, benefiting from a unique location and river views in the city. “It is believed that this project will decisively contribute to the redevelopment of the area, giving it a new attractiveness”.

Cited in the document, Jordi Vilanova, Vice president of Mercan Group, comments that “the purchase of these assets is the proof that Mercan Group is focusing in Algarve”. “It is a region with high potential, where we are now advancing towards the development of our third hotel project in this area. This will be our first urban rehabilitation in Faro, which will certainly enrich the economy of the historic center of the city”, he adds.

This is an investment, praises the official, which reinforces the Mercan Group’s commitment to “contribute to the rehabilitation of buildings and historic areas, as well as to the growth of the surrounding areas, favoring all those who visit and live in the city of Faro”.

Gonçalo Ponces, head of Development at JLL Portugal, points out that the set of real estate assets in question has always raised “a lot of interest from potential investors, national and foreign”. “It was with great satisfaction that after a highly disputed process, we ended up closing a deal with Grupo Mercan Group, which in recent years has been investing very actively from north to south of Portugal”, he concludes.

Cre: idealista