Fractional Ownership News

Oceanico sells stake in Portuguese fractional golf development

Developer Oceanico Group has sold its 50 per cent stake in the Royal Obidos Spa & Golf Resort to its partner company, MSF TUR.IM, for an undisclosed sum.

Gerry Fagan, director of the Oceânico Group, said: “The partnership with MSF TUR.IM has been extremely positive and we are proud of the work we have achieved together, from the birth of this project and in turn the further promotion of the Oeste region of Portugal. However, Oceânico´s most valuable assets and workforce in Portugal are all located in the Algarve and therefore it makes total sense to concentrate our efforts on operating our seven golf courses, our real estate projects and resort operations here.”

Royal Obidos was one of the resorts included in Oceanico's exchange programme – the Oceanico Prestige Residence Club, in which owners bought 1/8th shares in a property at their “home” resort but could exchange weeks at a range of other properties elsewhere in Portugal, the US and Ireland.

Located in Portugal´s west region, 45 minutes from Lisbon Airport, the Royal Óbidos 336-acre site will feature low density construction with 630 units offering views of the Lagoon of Óbidos, the Atlantic Ocean and the golf course. The development includes a five star hotel, with spa and conference rooms, which is linked to a complex of studios plus one-bedroom lock-off apartments.

The design of the golf course, by Severiano Ballesteros, was developed based on the integration of the environment and the natural contour of the land. The inauguration of the golf course and touristic units is estimated to be in May 2012.

www.oceanicogroup.com

19/03/10
 

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