American company to invest €510 million in Alentejan resort

North American ‘Discovery Land Company’ is reported to be in negotiations with pulping company Semapa to buy the 200-hectare Costa Terra touristic project in the Alentejo, near Grândola.

The €510 million investment includes the construction of hotels, touristic villages and villas.

Writes ECO online, the project stalled after it was purchased over a decade ago by multimillionaire industrialist Pedro Queiroz Pereira – now deceased – from Swiss investor Andreas Reinhart .

Queiroz Pereira, known by his friends as PQP, died of a massive heart attack while on board his yacht moored in a Spanish marina last August.