Businessman Denis O'Brien receives offers for luxury Algarve resort Quinta do Lago
Published 07/07/2015 | 12:59
Billionaire businessman Denis O'Brien has received a number of approaches for his luxury Algarve resort, Quinta do Lago, that are expected to lead to its sale.
It is understood that the Portuguese resort could be sold for an estimated €220m following a number of international approaches including a US consortium.
According to local reports, at least two approaches have recently been made for the resort although sale negotiations are at an early stage.
A spokesman for Mr O’Brien would not comment yesterday.
The resort was bought by Mr O’Brien in 1998 and it is understood that he has invested €29m in it over the past five years.
It is located on 2,000 acres of the Ria Formosa Natural Park and is right beside the sea.
Hotels include the most recent addition, the five-star Conrad Algarve, alongside The Four Seasons, Monte de Quinta and the Quinta do Lago.
Sites sell for up to €6m and the likes of superstar footballer Steven Gerrard has a holiday home there.
Last year, the reopening of Quinta do Lago’s North golf course came under the stewardship of Ryder Cup-winning captain Paul McGinley following his victory as the European boss at Gleneagles.
Quinta do Lago was originally built by property developer André Jordan in 1971.
Just last month, it was announced that Mr O’Brien’s international mobile firm Digicel, which has close to 14 million customers across the Caribbean and South Pacific, will float on the New York stock exchange.
The company is expected to begin selling shares on the public market later this year through an initial public offering designed to raise funds as it enters the broadband and cable television markets as it expands its revenue base.
The so-called "triple play" of phone, broadband and television has become especially lucrative for telecoms companies.
In a filing with US authorities, the company said it would use the proceeds from the sale for "general corporate purposes, including capital expenditures and acquisitions, and to repay existing indebtedness".
The company employs over 6,000 people and has invested more than $5bn in the Digicel business worldwide.
The company now operates in 31 countries. It has 10.8 million subscribers in the Caribbean, and another 2.8 million in the South Pacific.