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Arrow Global Acquires Palmares Ocean Living & Golf Resort in Portugal

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BNN Correspondents
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Arrow Global Acquires Palmares Ocean Living & Golf Resort in Portugal

In an event that amplifies Portugal's allure in the real estate arena, European asset manager Arrow Global has made a significant investment by acquiring the Palmares Ocean Living & Golf resort in Lagos. The acquisition, valued around 110 million euros, was from King Street Capital Management and Kronos Homes. The assets include a 5-star hotel, a 27-hole golf course, and land earmarked for the construction of villas and apartments.

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Arrow Global's Strategic Partnership and Investment

Arrow Global, a specialist in private credit and real estate, facilitated this acquisition in collaboration with an anonymous Portuguese construction company. The total investment, accounting for both the acquisition and future development, is estimated to be about 400 million euros. This transaction marks a considerable stride in Arrow Global's hospitality strategy in Portugal, with a particular emphasis on the Algarve region.

(Read Also: Portuguese Authorities Investigate Former Sports Secretary over Public Contracting Allegations)

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A Closer Look at the Acquisition

The acquisition comprises 200 hectares of land, nestled between the Alvor estuary and Lagos. The assets boast a boutique 5-star hotel, a Michelin-starred restaurant, 40 plots for villa construction, and 12 plots for development. The development plans include 310 luxury apartments and another 5-star hotel with 152 rooms. The Palmares Ocean Living & Golf resort, known for its sea views across the Alvor Estuary, has been under the stewardship of King Street and Kronos Homes since 2017. They have worked for six years to enhance the resort's value with extensive investments and developments.

(Read Also: Portugal Anticipates Implementation of New Career Path: 40,000 Workers to Benefit)

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Future Prospects and Opportunities

Arrow Global foresees the introduction of direct flights from the United States to Faro in 2024 as a golden opportunity to increase the visibility of its hospitality and leisure assets in Portugal. Operating in five European countries and managing approximately 70 billion euros, Arrow Global employs over three thousand people. The acquisition of the Palmares Ocean Living & Golf resort showcases the company's commitment to its strategic investment and development in the Portuguese hospitality sector.

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