The sale follows six years of extensive investment and development of Palmares by King Street and Kronos Homes since acquiring the resort through a joint venture in 2017. This included the crafting of a masterplan for the resort in 2019 and the addition of a new National Real Estate Award winning clubhouse designed by Pritzker Prize winner RCR Arquitectes and home to the Michelin star Al Sud restaurant.
"We are thrilled to announce the successful sale of Palmares,” said Paul Brennan, Co-Head of Real Estate at King Street. “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."
The development of Palmares has progressed rapidly under Kronos Homes’ management, with over 80 apartments developed. The first phase of the Signature Apartments and Signature Villa, designed by RCR Arquitectes, sold out ahead of schedule. The second phase, which is currently under construction, has already sold a majority of the units. In addition, 60% of Palmares land designated for luxury villas has been sold.
“Kronos Homes has positioned Palmares as Algarve’s most iconic luxury resorts, while setting a new standard for cutting edge architecture,” said Said Hejal, Founder and CEO of Kronos Real Estate Group. “We are extremely proud to pass this unique project to a new investor, who will complete the next chapter of Palmares history.”
Located in Portugal’s Lagos municipality and delivering sea views across the Alvor Estuary, the 200ha of Palmares Ocean Living & Golf has an exceptional reputation and is now home to a 27-hole golf course, four km of beach access stretching to Lagos, a boutique hotel, and a range of exceptional residences.
Rui Meneses Ferreira, Partner and Managing Director of Kronos Homes, added, "We would like to express our gratitude to all stakeholders whose hard work has made it possible to achieve such results at Palmares. It is exciting to know that Palmares will continue its development while the Kronos Homes team focuses on developing phase 2.0 of our company and adding value to our other assets within Portugal."
For Kronos Homes, it is not the end of the firm’s involvement in the Algarve. Far from it. Since early 2023, the firm has been managing a large portfolio of assets, which includes Vale do Lobo Golf & Beach Resort. The Group is now investing €500m in a major expansion of Vale do Lobo, with plans for 460 new residences.