Amendoeira Golf Resort in the Algarve, Portugal, has been sold by developer Kronos Homes to the Rolear Group.
Kronos Homes managed the resort for the last five years and repositioned the residential-tourism resort in Alcantarilha. It refurbished the Amendoeira Golf Resort clubhouse, esplanade, restaurants, Sports Centre Bar, and added two padel courts.
Kronos Homes also constructed and sold 241 apartments and villas to national and international clients.
The resort includes two award-winning golf courses, with 18 holes each, a nine-hole floodlit golf course, a Golf Academy, in addition to a driving range and putting green, a football pitch built to FIFA standards, two five-a-side football pitches, six tennis courts, two paddle tennis courts, a fully equipped gymnasium, and a 1km jogging track.
Amendoeira Golf Resort is another milestone
Rui Meneses Ferreira, partner of Kronos Homes in Portugal, says, “We are delighted to conclude this transaction, which is another milestone in Kronos Homes’ strategy in the Portuguese market and a recognition of the work we have done in this resort.
“We are certain that Grupo Rolear will now enhance the facilities of Amendoeira Golf Resort, which has always excelled for the exceptional quality of its golf courses, privacy, low density of construction and natural beauty — characteristics so valued nowadays.”
Parreira Afonso, Chairman of the Board of Directors of Rolear Group, adds, “Amendoeira Golf Resort, with its several components — tourism, sports and real estate — represents an immense development potential, where Rolear Group may have a key role. This investment allows us to put into practice all the innovation and technology that characterises the organisation’s performance, namely in the area of renewable energies and energy efficiency.”
Since the beginning of the year, with the acquisition of Portuguese investment manager ECS Capital by US investment fund Davidson Kempner, Kronos Real Estate, as its partner and manager for property development, has increased its portfolio of assets in Portugal, now adding a total of 13 projects.
New developments
Eight of these are new developments: Vale do Lobo Golf & Beach Resort, Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village, Salgados Dunas Suites and also Hilton Vilamoura.
The portfolio includes around 750 existing properties and 425 units to be developed. It represents a potential of more than €1 billion in property sales, mainly in the Algarve region. With this portfolio, Kronos Real Estate is one of the leading resort managers and property developers in Portugal.
Kronos Homes focuses on residential projects with a clear commitment to architecture and design. It relies on prestigious architects and innovative talent. It incorporates sustainability and integration in all projects.
