King Street Capital Management and Kronos Homes have concluded the sale of Palmares Ocean Living & Golf resort in Portugal to funds under the management of Arrow Global.
The sale marks the conclusion of six years of investment and development of the resort by King Street and Kronos Homes.
The two companies acquired the property through a joint venture in 2017 and have since worked on various improvements.
These include the creation of a masterplan in 2019 and the construction of a clubhouse by architects RCR Arquitectes, which features the Al Sud restaurant.
Palmares Ocean Living & Golf is in Portugal’s Lagos municipality.
The resort features a boutique hotel, a 27-hole golf course, 4km of beach access, and a selection of residences.
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King Street co-head of real estate Paul Brennan said: “We are thrilled to announce the successful sale of Palmares.
“This milestone represents the culmination of years of hard work and dedication from our team, and we are confident that Arrow Global will build on the resort’s rich legacy, taking it to even greater heights.”
Kronos Real Estate Group founder and CEO Saïd Hejal said: “Kronos Homes has positioned Palmares as Algarve’s most iconic luxury resort while setting a new standard for cutting-edge architecture.
“We are extremely proud to pass this unique project to a new investor, who will complete the next chapter of Palmares history.”
Kronos Homes is a Spanish real estate investor and developer while King Street Real Estate is the real estate investment arm of King Street Capital Management.
Kronos Homes has been managing assets in Algarve since early 2023, including Vale do Lobo Golf & Beach Resort.
Currently investing €500m ($548.73m), the company aims to expand Vale do Lobo with plans for 460 new residences.