Sonae Sierra and PGIM Real Estate’s partnership has revealed its second Portuguese property acquisition. Their latest venture is a lavish Lagos resort, designed with 158 accommodations split between a hotel and upscale residences. The groundbreaking is planned for early next year, backed by a 60 million euro investment.
Positioned directly on Meia Praia’s shore in Lagos, this opulent resort will feature 158 units, offering guests both a hotel and apartment experience. It boasts amenities such as indoor and outdoor pools, a premium spa, exquisite dining, and recreational spaces, according to an official announcement.
Construction of this luxury enclave, spanning roughly 17,000 m² of gross area, is scheduled to commence in the opening months of 2025. With a projected public unveiling in 2027, the project is fueled by an investment topping 60 million euros. Globally recognized luxury hospitality group, Iberian Hospitality Solutions (IHSP), will assume management, the statement confirms.
This marks the second endeavor by the joint venture formed earlier this year between Sierra and PGIM Real Estate. Their initial project was the April acquisition of the recently launched Cénica Porto Hotel, Curio Collection by Hilton, a five-star establishment in Porto’s core. This collaborative effort is focused on obtaining, refining, and overseeing hotel assets valued at approximately 200 million euros.
“We are excited to share this second asset under our strategic alliance with PGIM Real Estate. The project underscores our dedication to diversifying with high-yield ventures and solidifying our position in pivotal sectors like hospitality,” commented Luis Mota Duarte, Deputy CEO and Executive Director of Investment Management at Sierra. He further noted that “the selection of the Algarve, coupled with this project’s profile, demonstrates our aim to bolster Portugal’s high-caliber tourism sector.”
