The announcement was made by the group in a press conference, during which was revealed that Porto will be the main target for the investment. In Porto, the group recently acquired the Hotel Teatro, with 74 rooms, and already fully functional. Next July, the group will launch Porto Bay Flores, in rua das Flores street, a new 5-star hotel installed in an old XVIth century palace (leasing contract).
In the Island of Madeira, Porto Bay should open, also in July, 23 luxury suites at Le Suites, north of The Cliff Bay. Apart from this, the group remains alert to new opportunities, in particular in the Algarve, which is one of the next destinations for the group’s expansion plan, and Lisbon, where it is one of the candidates for the Convento da Graça project, under the Revive program.
Spain, where the group wants to enter, is also under Porto Bay’s radar, seeing the Iberian market «as a single market», said president António Trindade.
In 2018, Porto Bay group registered total revenues of 82 million euro, 3% more than in the previous year.