The Catalan promoter Vertix expands its operations in Portugal with the acquisition and renovation of a hotel in Lisbon, in an investment amounting to 27 million euros.
The hotel in question is the old Miraparque Hotel, located in the immediate vicinity of Parque Eduardo VII.
Vertix is embarking on an ambitious renovation project with the aim of repositioning the hotel as a four-star hotel, which was previously classified as a three-star establishment. After the refurbishment works, the hotel will reopen under one of the Marriott brands.
The Catalan developer has a partnership with the family of Antonio Catalan, president of AC Hotels by Marriott, which manages three Vertix properties, namely the Sabatic in Sitges, AC Hoteles Gavà and AC Hoteles Sants. The former hotel in Lisbon is another result of this partnership.
In addition to its presence in the hotel sector, Vertix maintains a strong presence in the residential market, with projects in Barcelona, Girona, Valencia and Madrid. The developer, which has been recognized for its performance in the development market, launching around 200 residences a year on average, is now diversifying its operations in response to the fluctuations in the market.
Last year, Vertix recorded a turnover of eighty million euros and projects growth of 60% for the current year. Among its main ongoing projects is one in El Prat de Llobregat (Barcelona), which involves the construction of 600 homes. In addition, the company has plans to start approximately eighty new units this year.