[Crealums] Portugal Development Opportunity

[by way of Marion Cunningham <marionoc@mit.edu>]

Marion,

How are you? Professor Geltner suggested that I contact you re: an opportunity
I came across.  I've already emailed certain members of my class (cre2003)
about this, but feel free to forward this email to other class years if you
think it's appreciate.

My friend told me about a resort (golf + leisure ctr) opportunity in Algarve,
Portugal. It's an area with great golf courses and there are many English and
German retirees.  I thought perhaps you may know of CRE alums or other
contacts who may be interested.

The zoning + urban development have been fully licensed and have the full
support of local authorities.  The site is 259 ha, has good access, and was
originally agricultural, now fully approved for tourism.

The sale price of the land is about 35 million euro.

The approved development includes:

2 luxury hotels
Villas for rent
Single family housing plots
Golf club + golf academy (five 9-hole courses + 9-hole academy course)
Country club with swimming pools
Tennis club
Bowling green
Outdoor recreation centre
Equestrian centre
Health clinic

The owner wants to sell the undeveloped land to a developer.

What do you think?  Who might be interested in a project of this scale
(developing solely or in a partnership or in syndication)?

If you know of investors / acquisition officers of opportunity funds / resort
+ country club developers-operators / hotel chains / retirement
+ community developers or others I should talk to, let me know!  Much thanks!

Best wishes,
Kay