In a statement, the group specified that the deal includes two plots of land, with one lot, with qualified buildings, being allocated for the construction of a five-star 'boutique' hotel with 40 rooms and 76 tourist residences.

The second lot will be used to build 21 houses, according to the credit and real estate investment fund management group.

Built-in the 16th century, Estalagem da Cegonha is an emblematic building located at the entrance to Vilamoura, Loulé, in the district of Faro, which was the manor house of Morgado de Quarteira and which, according to records, was visited by Dom Sebastião in 1573.

“The land of Estalagem da Cegonha is particularly relevant because it is the manor house of the former Morgado de Quarteira, acquired at the end of the 60s of the last century by Cupertino de Miranda, seen as the first visionary of Vilamoura”, pointed out the executive director of Arrow Global Portugal, João Bugalho, cited in the statement.

According to the group, the five-star 'boutique' hotel and the entire project will consolidate the northwest area of Vilamoura and attract a new segment of 'premium' tourism.

Estalagem da Cegonha was acquired from the Discovery Portugal Real State fund in a process managed by Norfin Serviços, a Portuguese asset manager and subsidiary of Arrow Global.