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Lone Star Buy Algarve’s Vilamoura Resort

Posted by: In: Real Estate 14 Apr 2015 Comments: 0 Tags: , , , , , , , , , , ,
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Vilamoura is an elegant seaside resort in Portugal’s Algarve region where life revolves around the huge marina, bulging with million-pound yachts and lined with sophisticated bars and authentic Portuguese restaurants.

All of the very best things this region of Portugal is famed for can be found in Vilamoura. What was once a Roman fishing village is now home to 4 championship golf courses, more than 50 outdoor tennis courts and of course, miles of sandy beaches where tourists flock in their droves each year.

Recently, it was announced that US private equity and real estate investment firm Lone Star Funds acquired Vilamoura’s developers, Garvecat from ailing Spanish bank Cataluña as part of its divestment programme.

With a price tag of €200m, the resort of Vilamoura covers more than 800 hectares, centred on its luxurious marina with 825 berths, honoured as ‘ Best International Marina 2015 ‘ by The Yacht Harbour Association. The resort has more than 65 million square meters of buildable land that Lone Star plan to construct hotels and more than 5000 apartments and houses on.

Director of Lone Star to Spain and Portugal, Juan Pepa said: ” Vilamoura is a unique opportunity for international investors who want to capitalise on the ongoing recovery of Portugal and its real estate sector “.

Cataluña paid around €360m for Vilamoura in 2004, acquiring the resort from legendary real estate developer André Jordan. Lone Star paid significantly less, leaving Cataluña nursing a sizeable loss although the deal still represents the largest sale of land in 7 years and the most invested in Portuguese real estate in the last 8.

Lone Star’s plans involve the reinvigoration of the resort through a long term investment plan to be executed by Paul Taylor, CEO of Garvecat who was behind the original development of the massive Vilamoura resort.

Mayor of nearby Loulé, Victor Aleixo said of the purchase: ” The sale of Vilamoura may represent a turning point for the country and for the Algarve. It can mean a rebound in economic activity with an increased level of employment and we currently have very significant unemployment rates “.

Original owner and real estate mogul André Jordan commented that he was pleased with the sale, despite its low price because Vilamoura’s future is in great hands. ” From the contacts I have had with them, I know they are committed to investing and calling-in other investors to develop and promote the project and the region, ” he said.

Article by +Roxanne James on behalf of Propertyshowrooms.com

Source:: Property show rooms

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