Mário Ferreira sells Monumental Palace Hotel to the French luxury hotel chain.
After a lengthy restoration process of the Monumental Palace Hotel, which allowed the city of Porto to reclaim one of its most beautiful and iconic buildings, Mário Ferreira announced the sale of the historic Porto hotel to the French group Paris Inn Group.
After months of negotiations, Mystic Invest’s CEO, Mário Ferreira, has announced the sale of the iconic Monumental Palace Hotel in Porto to the French company Paris Inn Group. Three months before the opening, Ferreira explained that the decision was “not easy, given the personal commitment and effort invested in the project over the years. The sale was prompted by an irresistible and fair offer, along with Paris Inn Group’s commitment to staying true to the project developed by Mystic Invest. The hotel, set to be one of Porto’s most luxurious, was sold for an undisclosed amount, rumoured to exceed €30 million. The restoration of the historic building on Avenida dos Aliados began in October 2015, and the completion is expected by the end of July 2018, with the inauguration slated for September of the same year. Despite selling this landmark project, Ferreira expresses a continued commitment to invest and develop tourism projects in the region, including a 120-room hotel in Cais de Gaia and the upcoming Hotel da Escarpa on the south bank of the Douro River.