“The investment was made through funds managed by Arrow Global, corresponding to the combined investment (acquisition and future development) of around 400 million euros”, the company said in a statement.
At issue is a project that was in the hands of King Street Capital Management (“King Street”), a global leader in alternative investments, and Kronos Homes, a Spanish real estate investor and developer, since 2017.
“At the time, the resort only consisted of the golf course and the boutique hotel. Since launching a carefully crafted masterplan for the resort in 2019, the joint venture has developed a new clubhouse, designed by Pritzker Prize winners RCR Arquitectes. The clubhouse won the National Real Estate Award and became the home of the Al Sud restaurant, winner of a coveted Michelin star”.
On the Arrow Global side, it is mentioned that the assets acquired include 200 hectares of land, located between the Alvor estuary and Lagos. “Among the key assets are a five-star boutique hotel, a 27-hole golf course, a clubhouse where the AL SUD restaurant (Michelin star) is located, 40 lots for the construction of villas and 12 lots for development, namely for the construction of 310 luxury apartments and a five-star hotel with 152 rooms”.
Quoted in the note, John Calvão, Principal of Arrow Global Funds, comments that the investment in Palmares Ocean Living & Golf represents a significant progression in the company's Hospitality strategy in Portugal, particularly for the Algarve region. “We are very pleased with the success of the business and because we believe that we continue to contribute to the growth and development of the national hotel and tourism sector”, he highlights.
Saïd Hejal, founder and CEO of Kronos Real Estate Group, says he has no doubt that the company has positioned the resort as one of the most emblematic luxury developments in the Algarve, having established a new standard of avant-garde architecture. “We are extremely proud to pass on this unique project to a new investor, who will complete the next chapter in Palmares’ history,” he comments.
The Spanish real estate developer's commitment to projects located in the Algarve continues. In the note sent to newsrooms, the company states that since the beginning of the year it has been managing a vast portfolio of assets in the region, which includes the Vale do Lobo Golf & Beach Resort. “The group is now investing 500 million euros in a major expansion of Vale do Lobo, with plans for 460 new homes,” the document reads.
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