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Posted by portugalpress on August 07, 2018

JJW Hotels & Resorts Portugal is to completely refurbish the Formosa Park Apartment Hotel into luxury apartments.

The project, unveiled on July 22, involves the total renovation of the existing unit into a boutique hotel which will be open for business in time for the 2019 summer season. The hotel boasts a prime Algarve location at the luxurious Quinta do Lago resort and is close to Vale do Lobo.

With several top-quality golf courses nearby, the Formosa Park Apartment Hotel overlooks the stunning Ria Formosa Nature Reserve, one of Europe’s most important wetland areas, and is just 500 metres from Ancão beach.

The project, which has 61 one- and two-bedroom apartments with areas between 67m2 and 165m2, has already attracted the interest of investors lured by the promise of getting a 5% guaranteed annual return on their investment in the first three years, with right of use for up to 15 days per year.

Ruben Paula, JJW Hotels & Resorts Portugal Chief Operating Officer, says: “The project immediately attracted different types of investors - those looking for a holiday home and others wanting to earn on their investment with a guaranteed return.

“Two apartments have already been sold and the market has shown an immediate interest, not only because the product is attractive but also because of its fabulous location and the prospect of a healthy return. Many others have requested prospectuses on the development which makes the owners optimistic that they will be able to sell the apartments.”

The current hotel will remain open until the end of October and then close for the six-month renovation and refurbishment. The apartments will be totally redesigned, furnished and fitted out. The interior design will be done by the renowned designer Maria Raposo. The modern architecture “will blend effortlessly with the local landscape, while the residential units will be comfortable, spacious and luxurious with superb views over the ocean and nature reserve”.

The hotel will boast revamped public areas – lounge, bar, restaurant and spa – while outside there will be tropical gardens, a pool and a children’s park. Residents will also have access to the Pinheiros Altos and San Lorenzo golf courses, both owned by the JJW Group, with shuttle service included.

JJW Hotels & Resorts also owns the Penina Hotel & Golf Resort, the first five-star hotel and golf course in the Algarve located between Portimão and Alvor, and the luxurious Dona Filipa Hotel, right by the sea at Vale do Lobo and which was totally modernised last year.

JJW Hotels & Resorts Limited is an international private company of Mohamed Bin Issa Al Jaber with principal business interests in acquisition, development and operation of several hotels and resorts throughout Europe and the Middle East. The company has corporate offices in London, UK; Paris, France; the Algarve region, Portugal; Vienna, Austria; and Cairo, Egypt.

JJW Hotels & Resorts has a portfolio of hotels which include the Grand Hotel Wien in Vienna and the Hotel Balzac in Paris.

With a successful track record of investing in the hotel industry, the JJW Group is now expanding into the real estate sector. In Portugal, aside from the Formosa Park Apartment Hotel project, the group also owns the well-established Pinheiros Altos residential resort, with its 27-hole golf course.

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