Inaugurated in 1877, the Grande Hotel de Paris was bought by the Ferreira family in the nineties, when they had it renovated. Located on the Rua da Fábrica, in the centre of Porto, the hotel will again be remodelled and expanded to have 20 new bedrooms. This expansion is possible due to the adjacent properties, acquired in the same transaction by Stay Hotels. According to Negócios, the amount of the transaction has not been disclosed.
The unit will be renamed The Grand Hotel de Paris By Stay Hotels, and should, “Keep the personality of the space, in harmony with the brand’s values, inspired by modernity, simplicity, proximity and client well being. With this acquisition, Stay Hotels strengthens its presence in a strategic location and is expanding significantly its capacity,” explained Nicolau Pinheiro da Veiga, Executive Administrator of the group.
Jorge Bastos, Executive Administrator at Stay Hotels, believes, “The scalability of the present property will allow Stay hotels to have in the short term a relevant offer in terms of quality and quantity in the historic centre of Porto, one of the two preferred inorganic growth vectors for the Group in the medium term.”
At present, Stay Hotels has a capital expansion process in Portugal, “aiming at the doubling of its installed capacity, through acquisitions and/or openings of new hotel units,” explains Paula Gandra, CFO at Stay Hotels.