US Group aims to invest €510 million in Alentejo tourism project
US developer Discovery Land Company is in negotiations to purchase Costa Terra, a tourism project in the Alentejo currently owned by Semapa.
The 200 hectare project which is still at the drawing board stage, includes hotels projects, tourist villages and detached houses in an investment worth €500 million.
A specialist in managing luxury resorts, Discovery Land Company, is in advanced negotiations to acquire what is being termed as a “mega tourism project” that the Queiroz Pereira family owns in Melides in the district of Grândola through its Semapa holding states the US company which has also been in contact with six banks which have been given plots of land as surety.
The Costa Terra project was bought in 2008 by Pedro Queiroz Pereira from the Swiss investor Andreas Reinhart and covers an area of 200 hectares.
The project’s original version included the construction of three hotels, four tourist villages, 204 homes and a golf course in an estimated €510 million investment.
However, the project never got off the ground and the entry of the Discovery Land Company will be vital for the project to move forward.
The newspaper Negócios which broke the story adds that the US company has also been in contact with construction companies to restart the infrastructure works at the development site.