Arrow Global, in collaboration with a Portuguese construction firm, has successfully acquired the Palmares Ocean Living & Golf resort situated in the Algarve, marking a significant investment in
the region.
The acquisition, amounting to approximately €400 million, was facilitated through funds managed by Arrow Global, emphasizing the combined investment for acquisition and future development.
Previously under the ownership of King Street Capital Management and Kronos Homes since 2017, the resort has undergone substantial enhancements. Starting with a golf course and a boutique hotel, a meticulously designed masterplan introduced a new clubhouse, recognized with a National Real Estate Award, and home to the acclaimed Michelin-starred Al Sud restaurant.
Arrow Global's purchase encompasses extensive assets spanning 200 hectares of land nestled between the Alvor estuary and Lagos. These assets include a five-star boutique hotel, a 27-hole golf course, a clubhouse housing the Michelin-starred AL SUD restaurant, 40 plots for villa construction, and 12 development sites for 310 luxury apartments and a 152-room five-star hotel.
John Calvão, Principal of Arrow Global Funds, sees the acquisition of Palmares Ocean Living & Golf as a significant stride in their hospitality strategy within Portugal, particularly in the Algarve. He expresses satisfaction with the success of the investment and its contribution to the growth and evolution of Portugal's hotel and tourism sector.
Saïd Hejal, founder and CEO of Kronos Real Estate Group, expresses pride in positioning the resort as a pinnacle of luxury in the Algarve, setting new standards in avant-garde architecture. He applauds the transition of this unique project to a new investor, marking the beginning of the next chapter in Palmares’ journey.
The commitment of Kronos Homes to Algarve projects continues as they manage a diverse asset portfolio in the region. This portfolio includes the Vale do Lobo Golf & Beach Resort, where the group is currently investing €500 million in a significant expansion plan involving the creation of 460 new homes. Photo by Shawn Carpenter, Wikimedia commons.