The 3HB Faro hotel, located in the downtown of the Algarve capital, one of eight private projects in the Algarve supported by the Financial Instrument for Urban Rehabilitation and Revitalization (IFRRU 2020), will open in 2021.
The Algarve Regional Coordination and Development Commission (CCDR), as the Managing Authority of CRESC Algarve 2020, in partnership with IFRRU 2020 officials, this week carried out a series of technical visits to various private projects for the rehabilitation of buildings that are benefiting support from European funds.
In the Algarve region, to date, eight operations have been contracted, involving a total investment of 18,129,858.57 euros, an eligible investment of 13,463,207.74 euros and a reimbursement of 4,895,361.57 euros (ERDF , within the scope of CRESC Algarve 2020).
According to the CCDR, the Algarve is currently the region with the best performance at national level, given the allocation allocated to this instrument.
The visits took place in Faro, Lagos and Vila Real de Santo António, including projects for housing and economic activities.
In the Algarve capital, those responsible visited the rehabilitation work of an old building in downtown Faro, on Rua de Santo António, where the Atrium shopping center and, previously, Cinema Santo António once operated.
The building now recovered is prepared to host, from 2021, according to CCDR, a four-star hotel unit of the 3HB Hotels & Resorts group.
The agenda also included visits to the rehabilitation works of the Hotel Tivoli, in Lagos, and a multifamily housing unit in Vila Real de Santo António.
Launched in November 2017, and created within the scope of Portugal 2020, the IFFRU guarantees loans for urban rehabilitation on more advantageous terms, gathering funds from the European Investment Bank (EIB), State Budget, of Portugal's regional operational programs 2020 and contracted banks, with a global allocation of 1.4 billion euros for the complete rehabilitation of buildings aged 30 years or over.
In December 2019, the program was distinguished as a successful case study by the European Commission and the European Investment Bank.