Home News US company to spend €500 million on Alentejo tourism project

US company to spend €500 million on Alentejo tourism project

Published on August 05, 2019

construction2The Discovery Land Company, is negotiating the purchase of Costa Terra, a tourist megaproject that the Queiroz Pereira family owns at Melides, Grândola, in the Alentejo.

The American luxury resort management company wants to move forward with the construction of hotels, tourist villages and villas, in an investment said to be around €500 million.

The US company has maintained contact with six banks that were given parcels of land as collateral, namely Novo Banco, BCP, BPI, Caixa Geral de Depósitos, Caixa de Crédito Agricola and Montepio.

According to information from Jornal de Negócios, the company already has been in contact with construction companies to resume building.

The Costa Terra project was bought in 2008 by Pedro Queiroz Pereira, who since has died, from the Swiss investor Andreas Reinhart and covers an area of ??200 hectares.

The initial project included the construction of three hotels, four tourist villages, 204 villas and a golf course, for an estimated investment of €510 million.