Plans for 10 new luxury hotels in the Algarve, Portugal have been unveiled by the country's Prime Minister, José Sócrates, and the Minister for the Economy, Manuel Pinho.
The projects, together entitled Algarve with a future – 10 new projects of excellence, represent an investment of 1,500 million euros and the opportunity of providing 6,000 new jobs for the region.
Of the 10, eight are to be five-star hotels, including the Real Marina Hotel & Spa in Olhão, which will include a marina, apartments and a spa, and construction work is due to start in September. An investment of 100 million euros will transform 30 hectares of riverside land in the city, which was previously occupied by abandoned warehouses. The marina is expected to be completed by 2009 and will be complemented by an aparthotel with 150 apartments.
Grande Real, a luxury hotel company, is responsible for the construction of the Real Marina Hotel & Spa, their second hotel in the Algarve, the first being Grande Real Santa Eulália. Another five star hotel is named Terras de Verdelago, and is to be built near Praia Verde in Castro Marim. It will be ready in two years and represents an investment of 250 million euros.
Popular Lagos There will be three developments in the Lagos area, worth a total investment of 369.3 million euros. One of the five star hotels will be the Meia Praia Bay Resort, costing 75 million euros. The project includes 165 bedrooms, 126 suites, a spa and a meetings centre and should be completed by 2010. It is expected to create around 300 jobs.
Another will be the Palmares Resort that will occupy 200 hectares and include a five star hotel and a golf course with a total investment of 300 million euros. Work on the development will start later this year and should be finished in 2009, creating 430 jobs.
Finally, Lagos will also see the construction of Vila Gale Lagos, a four star hotel with 307 bedrooms, marketed towards leisure and families. The opening of this is expected for April 2009, and is expected to cost 20 million euros and create a further 120 jobs.
A further one is planned for Mexilhoeira Grande, the Algarve Motor Park, which is part of the Autódromo Internacional do Algarve and will occupy 290 hectares of land. The investment in this project is of 200 million euros, creating 1,750 jobs.
The Herdade dos Salgados in Albufeira will include two five star hotels and one aparthotel. This will be the first Conrad project in Portugal, a brand that belongs to the Hilton group. It will cost a total of 450 million euros and create 780 jobs.
Finally, the five star hotel Tivoli Victoria is to be located in Vilamoura and is due to be inaugurated next year, creating 225 jobs and costing 57 million euros to build.