Arrow negotiates purchase of luxury resort from Kronos in Algarve

Arrow negotiates purchase of luxury resort from Kronos in Algarve

Developer Kronos Homes is in advanced negotiations with Arrow Global to sell Palmares Ocean Living & Golf, a luxury development located in Lagos, Algarve.

At the end of last year, Kronos Homes tried to commercialise the tourist complex, having been in negotiations with asset manager SPX Capital, but no agreement was reached.

So this is a new attempt to sell Palmares Ocean Living & Golf. The luxury resort has 103 villas, 357 flats and two five-star hotels, as well as a golf course. Developed by RCR Arquitectes, the development cost close to 250 million euros.

Kronos Homes recently completed the sale of the Amendoeira Golf Resort to the Rolear Group. With this sale, the property developer has completed the sale of the portfolio it acquired from the Oceânico Group in 2018.

During this period, Kronos Homes repositioned the Amendoeira Golf Resort, completed the refurbishment of the resort's infrastructure and reinforced the resort's sports offer with the inauguration of two padel courts.

In February this year, the developer, which arrived in Portugal in 2018, announced that it would be developing 10 resorts and 4 residential projects.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!