Israelis are building 5-star hotel and 200 apartments in Bonfim, Porto
Fortera Group, with Israelis Issta Lines and Fattal, bought the land in August and intend to start building the two projects later this year, with an investment estimated at 47 million euros.
The real estate developer Fortera, of Israeli capital, has in the “pipeline” a global investment of more than 200 million euros in Porto and Gaia, in the construction of hotel and residential developments.
In the “Invicta”(undeafeated) city, works are scheduled to start this year, on some land located in the Bonfim area, “acquired in August 2019”, Fortera will build a hotel and a residential complex, in an aggregate investment of 47 million euros, revealed the CEO of the company, Elad Dror, to Business.
On Avenida Camilo, in front of the Alexandre Herculano Secondary School, a five-star hotel is going to be made, with 258 rooms and approximately 16,500 square meters, in an investment estimated at 27 million euros.
In the same block, but facing Rua do Bonfim, Fortera intends to invest 20 million euros in the construction of a residential development “with about 200 apartments”.
For these two investments, Fortera has two equally Israeli partners, with each holding a third of the capital of the promoting company – the Issta Lines and Fattal groups, which are the largest travel agency and the largest hotel group in Israel, respectively.
“We will start work on both projects by the end of this year, to be completed in the summer of 2023”, guaranteed Elad Dror.
In Gaia, with works are scheduled to start next November, Fortera will build a four-star hotel with 64 rooms, next to Ponte D. Luís I, in an investment close to nine million euros.
And it will be in Gaia that the Israeli group intends to develop its two most ambitious real estate projects, with the works scheduled to start next year.
At stake are the Skyline project, to be built at the back of the City Hall, an investment of 80 million euros, which consists of a hotel with more than 250 rooms, a congress center and a multipurpose center, and another 80 million euros. euros in a residential complex, “with more than 300 apartments”.
Asked about the impact of covid-19 on hotels, which will be suspending the investments planned in the sector, the businessman devalued such effects in Fortera: “Fortunately, we do not have any hotels – ours are scheduled for 2023-2024, and we are all waiting return to normality by then.”, he explained.
Fortera group was created in 2015, having concluded, in the last four years, nine real estate projects, distributed by Gaia, Porto and Espinho, “in an investment of approximately 21 million euros”, having disbursed another “45 million in acquisitions during 2019” .