Five-star boutique hotel is planned
A 16th century property in Vilamoura named Estalagem da Cegonha has been purchased by Arrow Global, which plans to invest €90 million to renovate it and open a five-star boutique hotel.
The project will take place on two separate plots of land: the first, featuring the main building which will be turned into the boutique hotel, will also see the construction of 76 tourist residences; while the second will be used for the construction of 21 houses.
“Estalagem da Cegonha is an emblematic building in Vilamoura, but also in Portugal. We believe that the building and the land it is a part of have tremendous potential, and that’s why we have a unique project for this magnificent infrastructure with five centuries of history,” said John Calvão, head of Arrow Global Funds, in a statement to the press.
“The land of Estalagem da Cegonha is particularly relevant as it was the manor house of the former Morgado de Quarteira, acquired in the late 1960s by Cupertino de Miranda, seen as the first visionary of Vilamoura,” added João Bugalho, CEO of Arrow Global Portugal.
The purchase of this historic property is also said to align with Arrow’s investment strategy in Vilamoura.
“Due to its location, in front of Natura Village, one of the projects being developed by Vilamoura World, and very close to the golf courses, as well as the Equestrian Centre and the Vilamoura International School, the five-star boutique hotel and the entire project will consolidate the northwest area of Vilamoura and attract a new segment of premium tourism,” Francisco Moser, CEO of Hospitality at Arrow Global Portugal, also said.
Estalagem da Cegonha (which translates loosely into Stork’s Inn) was acquired from the Discovery Portugal Real Estate Fund in a process managed by Norfin Serviços, a Portuguese asset management company and subsidiary of Arrow Global.
Arrow Global was questioned by Lusa news agency about how much it invested in the purchase of the property but refused to reveal the sum, saying only that it plans to invest €90 million in its development.