Date: 11/9/2008
THE company, United Investments of Portugal, belonging to the Dubai-based consortium IFA-Hotels and Resorts, announced plans to make a significant investment in a new health-oriented resort in the Loule area. The resort, which will carry the Starwood brand, will include a boutique hotel, a spa and an 18-hole golf course designed by Gary Player.
Construction is set to start in 2009 and may be completed within 18 months. The company which owns the Pine Cliffs resort in Albufeira, has also recently increased its investments in the Portuguese resort. Following the opening of Pine Cliffs Residence in July 2007, the company is now launching the second stage of its marketing campaign for the residential development. Pine Cliffs Residence is managed by the The Luxury Collection brand of the Starwood Hotels & Resorts group and was nominated at CNBC International Property Awards, last year, in the category for the "Best International Development". It was also selected as one of the world’s five best developments for the awards ceremony at the Property Oscars in Las Vegas. The developers of the resort have also recently disclosed another residential project, which will be called the Terraces condominium and will involve an estimated investment of around 15 millions euros. Source: Euroweekly news
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