The British-owned Arrow has been given the green light to acquire the tourism and golf operations of Castro Marim Golf & Country Club, further expanding its already sizeable presence in the Algarve.
Portugal’s Competition Authority (AdC) approved the deal on Wednesday, October 21, concluding that the acquisition was unlikely to create significant obstacles to competition in Portugal.
The value of the transaction has not been disclosed.
The acquisition is being carried out through Flecha Lux 25, an Arrow Group company, and covers the assets currently operated by Algarvelux Villages and Algarvelux, Construções e Empreendimentos.
In practical terms, that includes the golf courses and clubhouse at Castro Marim Golf & Country Club, its restaurant and bar, event activity, some local accommodation management and the occasional sale of properties within the resort.
Also included is the tourism operation of a 55-unit holiday village integrated into the development.
Arrow grows Algarve footprint
The deal adds another Algarve golf and hospitality asset to Arrow’s portfolio.
The group already has major interests in the region including Vilamoura, Palmares Ocean Living & Golf and Monte Rei Golf & Country Club. Arrow itself describes these as part of a growing portfolio of southern European lifestyle destinations.
Michael Bruxo
Journalist for the Portugal Resident.