The new joint venture between Sonae Sierra and PGIM Real Estate has announced what will be its second real estate investment in Portugal. The project is for a luxury resort in Lagos, which will have a total of 158 units divided between hotels and apartments. This project will begin at the beginning of next year and represents an investment of more than 60 million euros.

This new luxury resort will be built on the front line of Meia Praia, in Lagos and will consist of a total of 158 units divided between hotel and apartments, with indoor and outdoor pools, spa, restaurants and leisure areas.

The start of construction of this new luxury resort - which will have a gross construction area of ​​around 17,000 m2 - is scheduled for the beginning of the first quarter of 2025. And its opening to the public is scheduled for 2027, after an investment of more than 60 million euros. The international luxury brand Iberian Hospitality Solutions (IHSP) will manage this tourist unit, they also reveal.

This is the second investment in the joint venture created this year between Sierra and PGIM Real Estate. The first concerns the acquisition, carried out in April, of the recently opened Cénica Porto Hotel, Curio Collection by Hilton, a 5-star unit located in the center of Porto.

“We are very pleased to announce this second asset of this strategic partnership with PGIM Real Estate. This project highlights our commitment to diversifying the portfolio with high potential assets, reinforcing our presence in strategic sectors, such as hotels”, comments Luis Mota Duarte, Deputy CEO and Executive Director, Investment Management at Sierra, adding that “the choice of Algarve, together with the profile of this project, reflects our ambition to contribute to the development of excellent tourism in Portugal”.