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Pontos to Develop the New Ombria Resort in the Algarve

21 October 2019 – Construction is slated to begin by the end of the year on the Ombria Resort, a major new tourism/residential development in the Algarve. The new resort, which the Finnish group Pontos will develop on a 150-acre property in the municipality of Loulé, is due for completion in 2021. Viceroy, an American chain of five-star hotels, will operate the hotel and the development’s residential real estate component. The project, which is in the interior of the Algarve, will have a total of 380 homes, in a total investment of approximately €260 million.

The first phase of the Ombria Resort will include the construction of the hotel, golf course and conference centre, along with a spa, kids play centre and six restaurants, in a €100-million investment. The hotel will recreate a typical village from the Algarve’s interior, with a central square occupied by restaurants and shops.

The Ombria Resort will feature a 76-room 5-star hotel, as well as 65 one-to-two-bedroom branded residences for sale, which will be managed by the hotel chain. Buyers can use the apartments for up to ten weeks a year and are guaranteed at least a 5% return per year for five years.  The residences come equipped and furnished to the brand’s standards and have access to all of the hotel’s services, including cleaning, maintenance, concierge services, as well as its six restaurants and bars, gym and swimming pools). Managed and furnished by Viceroy, the residences will have prices ranging from €300,000 to €850,000.

Construction is set to begin in 2019.

Original Story: Jornal Expresso – Conceição Antunes

Adaptation/Translation: Richard D. K. Turner