Mário Ferreira sells Monumental Palace Hotel for €40M

Mário Ferreira sells Monumental Palace Hotel for €40M


The property was acquired about 5 years ago to the old BES. About 2 months before the completion of the 76-room hotel project, the French group acquired the property.

According to Mário Ferreira, the “offer we couldn’t refuse” was around “the €500,000 per room. I think we beat all records," he said to TVI24.

To Expresso he explained that he believes that "the offer presented was fair to the passion and dedication that we have all given to this project. The Hotel Monumental has been a project to which I have dedicated several years of work, and in which my wife and I committed ourselves from the beginning because we believe that it gathers the ideal conditions to develop a hotel project of reference in the city of Oporto and we believe will be the best hotel in the country”.

This will be the first 5 stars of the group Paris Inn outside France and initiates the expansion of the group outside the country. Mário Ferreira will not be involved in this project, but may "invest in the vehicle society that will develop other hotels possibly in Portugal", adds the businessman.

The new five-star hotel in Porto, in Avenida dos Aliados, will be renamed Maison Albar Hotel Porto Monumental, and is expected to open next September.

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