Nice coup for Downtown Hotel Corporation and its M Avenue real estate project. The developer has just signed with football legend Cristiano Ronaldo for the construction of his first hotel in Marrakech, Pestana CR7 (the acronym representing the player’s jersey). It is a 168-room hotel located at the heart of the M Avenue project which will require an investment of 40 million euros.
Pestana CR7 Lifestyle Hotels is a joint venture owned by Cristiano Ronaldo and Portugal’s largest hotel chain Pestana, the leading Portuguese group in the tourism and leisure sector founded in 1965 and whose portfolio includes around a hundred hotel units.
CR7 represents Cristiano Ronaldo’s jersey number. This is the first hotel chain launched by a sports celebrity who wants to position itself as a hotel reference for a young, urban and connected clientele. For this, she chooses original sites. M Avenue in Marrakech is one of them, after Lisbon and Funchal (Madeira Island) and the upcoming openings in Madrid and New York on Time Square.
M Avenue, scheduled to launch at the end of 2019, is a new “garden avenue” located in the heart of Marrakech. This real estate development project, adjacent to the Four Seasons Resort Marrakech, will create a new city center that will revitalize Marrakech and offer a combination of properties, including Four Seasons private residences, the Pestana CR7 hotel, boutiques, restaurants, cafes, offices, art galleries and exhibition venues. The vision of the project is to make it a trendy international destination for design, fashion, leisure and culture.
The work on this project, which began last June and whose investment reached 760 million DH, must be completed at the end of 2018 and the project operational in 2019. Located between the Palais des Congrès and the Menara Gardens, the land which will house the project extends over an area of 5 hectares. The buildings will only occupy 95,000 m2 while 10,000 m2 are dedicated to gardens and landscaped areas.
The shopping center will occupy some 18,000 m2 dedicated to commercial spaces, restaurants, cafes and shopping malls. The business center component will occupy 3,000 m². Another three thousand square meters will be allocated to M Culture, a cultural center which will alone require an investment of 45 million DH, according to the developer.
source: leconomiste
