New luxury resort in Lagos
Sonae Sierra and PGIM Real Estate are investing over €60 million in a new luxury resort in Meia Praia, Lagos, scheduled to open in 2027.
This is the second “strategic investment” of the joint venture between Sierra, the real estate arm of the Sonae group, and international property manager PGIM Real Estate, after the acquisition, in April, of the Cénica Porto Hotel, a five-star unit located in the centre of Porto, a joint statement said.
The new project, “located on the first line of the beach in the Algarve”, will comprise a total of 158 units, including a hotel and apartments, and will feature “one of the leading international luxury brands”. Construction is due to start in the first quarter of 2025, with the inauguration planned for 2027.
The luxury resort in Lagos will offer “panoramic sea views” and will have a gross construction area of approximately 17,000 square metres, including “indoor and outdoor swimming pools, a state-of-the-art spa, sophisticated restaurants and leisure areas” , according to the developers. “The design, integrated with the natural landscape, celebrates the unique essence of the Algarve, creating an exclusive experience for different guest profiles – couples, families and individual travellers,” they say in a joint statement.
This investment is backed by Iberian Hospitality Solutions (IHSP), an asset management and hotel management company based in Lisbon. In their statement, the developers add that their joint venture aims to “acquire, develop and manage differentiated hotel assets” with a gross added value of around €200 million. It will focus on acquiring hotels “of relevant size in consolidated destinations, implementing strategies that maximise value creation”.
In the statement, Luís Mota Duarte, executive director of Investment Management at Sierra, said that the project planned for Lagos highlights the company’s commitment to “diversify its portfolio with high potential assets”, reinforcing its presence in “strategic sectors”, such as hotels. “The choice of the Algarve, together with the profile of this project, reflects our ambition to contribute to the development of excellent tourism in Portugal,” he added.
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