CBRE To Sell One of the Algarve's Biggest Tourist Developments
Global real estate advisor, CBRE, is selling Praia Grande Eco-Resort, one of the Algarve’s main development projects, on behalf of the Millennium BCP bank.
With a potential construction area of 122.000 sq m, the development is located in close proximity to the Lagoa Salgados nature reserve, near the principal holiday resorts of Pine Cliffs, Vilamoura, Vale do Lobo and Quinta do Lago. The project will include three 4 and 5-star hotels and approximately 350 residential units, with an estimated investment of 200 M€. Praia Grande Eco-Resort will also benefit from an 18-hole golf course.
“Praia Grande Eco-Resort is one of the biggest tourist projects due for development in the Algarve, benefiting from a unique location with more than two kilometres of beachfront,” says José Araújo, Director of Real Estate, Millennium BCP. “We believe that this project’s potential, as well as CBRE’s expertise, will make it one of the most successful resorts in the Algarve”, Mr. Araújo added.
The new resort distinguishes itself from others thanks to its privileged surrounding in a premium area of the Algarve. CBRE has advised on several leisure and tourist projects, including the sale of Lusort Group - Vilamoura’s owner - the biggest real estate transaction of the decade in this sector.
Eduardo Abreu, partner at Neoturis, an associate of CBRE specialising in tourism consultancy highlights that “Praia Grande Eco-Resort represents an exceptional leisure and real estate opportunity due to the quality of its location and highly protected surroundings. We believe that several hotel groups will be interested in this project, and we are delighted to be involved in the creation of such a distinct tourist development in Portugal.”