Following years of speculation regarding the future of luxury Algarve development, Vale do Lobo, it has been sold to a consortium of national and international investors. Vale do Lobo RTL S.A., which owned the resort, has been sold in its entirety by Sander van Gelder but the new owners will continue to use the same company name and will operate under a shareholder structure.

The newly appointed CEO of the group is Diogo Gaspar Ferreira, who was a member of the Portuguese Board of the Dutch multinational property company Multi Development Corporation, and he will be responsible for the day to day running of the resort.

Non-executive board members will be Rui Horta e Costa, former Chief Financial Officer of the Portuguese state owned electricity company, EDP, who currently works for UBS Investment Banking in London; Francisco Cruz Martins, a  prominent Portuguese lawyer; and Jorge Guimarães, an experienced top level manager representing Caixa Geral de Depósitos, one of Portugal’s largest banks.

All the members of the consortium were presented at a meeting with the Proprietors’ Club members of Vale do Lobo, at which Diogo Gaspar Ferreira said: “We do not want to change the strategy (of Vale do Lobo) – we want to build on it, even improve it”.

Sander van Gelder will remain as a board member and will hold the position of non-executive chairman of the group.

When contacted by The Resident, a Vale do Lobo spokesperson declined to comment on how long Sander van Gelder is contracted to remain as non-executive chairman and whether he holds any shares in the current set up.

The new owners have said that with assured financial strength behind the group, projects at the Vale do Lobo resort, either planned or already in progress, will continue as normal.

Development of Vale do Lobo’s II and III projects will continue as planned this year. Also, the construction of Nautilus Island off the coast will continue through the process of licence acquisition.

Various investors had expressed interest in purchasing the resort and it has been suggested that this included an Irish consortium.

At the Proprietors’ Club members meeting, van Gelder said: “For a number of years, I have been considering different groups interested in taking over the ownership of Vale do Lobo – there have been 10 different groups over the years. From those, I shortlisted three and this Portuguese and international group is the one that I felt was the best candidate – the one with the most will and capacity to make Vale do Lobo even more of a success in the future.

The group is considering expanding into the Mediterranean to create luxury sister resorts. A spokesperson for Vale do Lobo revealed that during the course of January, more detailed information will be available about the sale, company structure and the new owners’ plans for the company.

The spokesperson also confirmed that the staff structure will remain the same for the time being but more information will be made available during the coming months.

 

source: the resident