The Social Hub has reached an agreement for €48.75 million in financing from Santander in Portugal for a 26,600 sqm Porto development alongside Avenue.
After unveiled a new identity and renewed its business model with a first opening in Spain, The Social Hub now targets Portugal. The brand will open a 13,467 sqm hotel and student accommodation property in the city centre of Porto.
The new property will include 305 rooms, co-working spaces, restaurants and bars, meeting and event spaces, a gym and a rooftop swimming pool. Construction is underway with the opening targeted for Q1 2024.
Avenue will be responsible for the residential part of the development, spreading 11,000 sqm with 93 residential units, 16 retail units and 445 parking spaces, with the opening targeted for Q2 2023. The project in its globality targets a BREEAM “Very Good” in-use certification when completed.
The development will form the larger renovation of the D. João I square, creating new space for the local community to come together, including a public garden, and increase the availability of student housing in Porto.
We are very excited to announce that we have secured financing for the development of our Porto hotel. This location shows the viability of our hybrid-hospitality model, as together with Avenue’s residential development, it will really form a melting pot of different communities coming together: residents, students, long and short-stay visitors. The public-use garden will further support the revitalisation of the Praça do D. João I.
Charlie MacGregor, founder and CEO of The Social Hub
This is an extremely relevant project for the city of Porto, as it brings together several aspects of the renovation of the surrounding area, bringing different communities together. The work developed with TSH and Avenue has been a challenge, but the fact that they chose Santander as a partner in this strategic growth opportunity is very rewarding.
Miguel Silva Tomás, Head of Promotion to Construction in the North of Portugal, Santander
The development is part of The Social Hub’s growth strategy that will see it grow its presence to 50 hotels from 25 hotels under ownership today. Its current pipeline in Portugal further includes a development in Lisbon, while the brand is also looking at additional opportunities in the market.