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US company to spend €500 million on Alentejo tourism project

construction2The Discovery Land Company, is negotiating the purchase of Costa Terra, a tourist megaproject that the Queiroz Pereira family owns at Melides, Grândola, in the Alentejo.

The American luxury resort management company wants to move forward with the construction of hotels, tourist villages and villas, in an investment said to be around €500 million.

The US company has maintained contact with six banks that were given parcels of land as collateral, namely Novo Banco, BCP, BPI, Caixa Geral de Depósitos, Caixa de Crédito Agricola and Montepio.

According to information from Jornal de Negócios, the company already has been in contact with construction companies to resume building.

The Costa Terra project was bought in 2008 by Pedro Queiroz Pereira, who since has died, from the Swiss investor Andreas Reinhart and covers an area of ​​200 hectares.

The initial project included the construction of three hotels, four tourist villages, 204 villas and a golf course, for an estimated investment of €510 million.

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Comments  

+1 #5 Darcy 2019-05-16 21:05
Elsa,
Again .... Could you give details of where to find the Aguas de Portugal report on waste water distribution, l have be searching for this item and cannot find it anywhere !
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+1 #4 Darcy 2019-05-15 09:36
Elsa,
Could you give details of where to find the Aguas de Portugal report on waste water distribution, l have be searching for this item and cannot find it anywhere !
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-1 #3 Elsa 2019-05-13 16:52
Waste water to golf courses ?
Anyone jumping up and down about Russian fake news interfering with US and EU elections could learn from so many of the posters here on ADN and on the expat webpages and Facebooks. It has been going on for years by the Portuguese ! At a committee hearing in Lisbon several months ago Águas de Portugal told MP's that they had no involvement with waste water distribution! That it was a non-starter unless the hotel or golf course owners invested in expensive clean up equipment to remove the disinfectants, bleaches, hair and body products first. Few did as they passed it away as run off into sink holes.
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+2 #2 Maximillian 2019-05-13 10:18
Quoting C Saunders:
More golf- more precious water wasted. Oh dear
These days new golfcourses use waste water. If the initial project was already approved, they will probably move forward with it. Tourtism will be good for the Alentejo as they lack sources of income.
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0 #1 C Saunders 2019-05-13 08:29
More golf- more precious water wasted. Oh dear
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