New investments for the Algarve |
|
The company, United Investments of Portugal, belonging to the
Dubai-based consortium IFA-Hotels and Resorts, announced plans to make
a significant investment in a new health-oriented resort in the Loule
area. The resort, which will carry the Starwood brand, will include a
boutique hotel, a spa and an 18-hole golf course designed by Gary
Player.
Construction is set to start in 2009 and may be completed within 18
months. The company which owns the Pine Cliffs resort in Albufeira, has
also recently increased its investments in the Portuguese resort.
Following the opening of Pine Cliffs Residence in July 2007, the
company is now launching the second stage of its marketing campaign for
the residential development. Pine Cliffs Residence is managed by the
The Luxury Collection brand of the Starwood Hotels & Resorts group
and was nominated at CNBC International Property Awards, last year, in
the category for the “Best International Development”.
It was also
selected as one of the world’s five best developments for the awards
ceremony at the Property Oscars in Las Vegas. The developers of the
resort have also recently disclosed another residential project, which
will be called the Terraces condominium and will involve an estimated
investment of around 15 millions euros.
|
