A new joint venture between Sonae Sierra and PGIM Real Estate has just announced its second real estate investment in Portugal. This involves a luxury resort in Lagos, which will feature a total of 158 units divided between a hotel and apartments. The project is set to begin in early next year and represents an investment of over 60 million euros.
The new luxury resort will be located on the front line of Meia Praia in Lagos. It will consist of 158 units, divided between a hotel and apartments, and will also include indoor and outdoor swimming pools, a spa, restaurants, and leisure areas, as stated in a press release.
Construction of the new luxury resort, with a total gross construction area of approximately 17,000 m², is expected to begin in the first quarter of 2025. It is slated for public opening in 2027, following an investment of over 60 million euros. The resort will be managed by the international luxury brand Iberian Hospitality Solutions (IHSP), the statement further reveals.
This marks the second investment of the joint venture established earlier this year between Sierra and PGIM Real Estate. The first was the acquisition in April of the newly opened Cénica Porto Hotel, Curio Collection by Hilton, a five-star property located in the heart of Porto. It is worth noting that the aim of this joint venture is to acquire, develop, and manage hotel assets with a total value of around 200 million euros.
“We are very pleased to announce this second asset of our strategic partnership with PGIM Real Estate. This project highlights our commitment to diversifying the portfolio with high-potential assets, strengthening our presence in strategic sectors such as hospitality,” said Luis Mota Duarte, Deputy CEO and Executive Director, Investment Management at Sierra, adding that “the choice of the Algarve, together with the profile of this project, reflects our ambition to contribute to the development of high-quality tourism in Portugal.”
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