Kronos to manage the real estate development of Vale do Lobo, Conrad and other top resorts in Algarve
Kronos Real Estate Group has announced a major expansion of its portfolio in Portugal which will see its brand Kronos Homes managing the real estate components of 10 resorts and four residential projects – most of them in the Algarve, including prestigious resorts such as Vale do Lobo and Conrad Algarve.
New assets include around 750 already built properties and 425 units yet to be developed in an area of over 102,000 square metres.
Says the developer, the deal represents over €1 billion in property acquisitions, most of them in the Algarve.
The expansion is part of a deal which was described as the “largest property deal of 2022” and saw a consortium taking over Portuguese investment manager ECS Capital. As announced at the time, the consortium is led by investment funds advised by Davidson Kempner Capital Management LP and comprises operating partners Highgate and Kronos.
In Portugal, Kronos Homes was already in charge of Palmares Ocean Living & Golf (Lagos) and Amendoeira Golf Resort (Silves), as well as the development of residential projects Distrikt, The One and Zen in Lisbon.
“Now, Kronos Homes will also be responsible for the repositioning and property commercial operations of a series of resorts in the Algarve, including the management and property development of the emblematic Vale do Lobo Golf & Beach Resort,” the asset manager says in a statement to the press.
It adds that Vale do Lobo attracts golfers and tourists from all over the world and has around 1,500 properties, with a strong community of owners from over 35 countries.
Future plans for the resort include building a 135-room five-star hotel, as well as several luxury apartments and villas, the group says.
Also now under Kronos management are Salema Beach Village (Vila do Bispo), Cascade Wellness Resort (Lagos), Monte Santo Resort (Lagoa), Conrad Algarve (Loulé), and Salgados Palm Village and Salgados Dunas Suites (Albufeira).
“This investment reflects the goals we set for our brand in Portugal. It was an excellent opportunity to expand our presence in a market that we consider very relevant for Kronos’ activity,” said Saïd Hejal, founding partner and CEO of Kronos Real Estate Group.
“We know that, with our experience in the market, led by our vision and commitment to architecture of excellence and along with our partners and local teams in each of our projects, we will be able to develop, invest in and grow this important portfolio successfully,” the CEO added.
The developer adds that this expansion marks a “significant step” in Kronos Homes’ “long-term strategy.”
Kronos Homes began operating in the Spanish market in 2015 and has since then increased its portfolio and investment, having expanded into the Portuguese market in 2017. It now has over 40 projects underway in both markets.
Says the group, Kronos Homes has gained a “strong reputation for the quality of its architecture and for its approach centred around lifestyle when it comes to resort development.
“Throughout the years, it has received prizes for its projects and emblematic buildings and won a Michelin star at its main restaurant Al Sud at Palmares Ocean Living & Golf. Its projects, which garner international attention, have attracted clients from all over the world to Portugal,” it adds.