Portugal’s Pelicano Investimento Imobiliario has announced it is to invest EUR250 mln in the Pinheirinho Resort project on the Portuguese Tróia Peninsula coast south of Lisbon. In a statement, the company said it has signed an agreement with US hotel chain Hyatt Hotels & Resorts for the management of the hotel, which will be renamed the Park Hyatt Além-Tejo e Pinheirinho.
Portugal’s Pelicano Investimento Imobiliario has announced it is to invest EUR250 mln in the Pinheirinho Resort project on the Portuguese Tróia Peninsula coast south of Lisbon. In a statement, the company said it has signed an agreement with US hotel chain Hyatt Hotels & Resorts for the management of the hotel, which will be renamed the Park Hyatt Além-Tejo e Pinheirinho.
‘We have chosen Hyatt Hotels and Resorts to operate the resort because of its leading position in the hospitality market as well as its expertise in operating large-scale multi-functional resorts,’ said Joaquim Mendes Duarte, president of the management board of Grupo Pelicano.
‘Portugal is one of the most popular holiday destinations in the world,’ said Gebhard Rainer, managing director at Hyatt EMEA: 'This justifies the opening of our first Hyatt Hotel in the country.
The complex was initially expected to involve an investment of EUR160 mln, but Pelicano said that construction costs has risen to EUR250 mln as a result of the introduction of two new congress centres and a spa area. London-based firm United Designers has been hired to carry out the interior design of the resort.
The first phase of the scheme is expected to be completed in 2013, with the final phase due for completion in 2016.
