New Verdelago luxury hotel suffers €27 million budget overspend

Since the foundation stone of the new five-star luxury Verdelargo hotel was laid in 2024 in Castro Marim in the Algarve, the cost of the construction has gone €27 million over the initial €52.5 million budget.

Initially set for completion next year , “this exclusive hotel represents a total investment of 80 million euros and is expected to be completed in the spring of 2028,” the company revealed in a statement.

This represents an upward revision of €27.5 million in the investment value of this hotel development, which has just completed the construction of the future hotel’s structure, what is known in construction jargon as the “first row of bricks”.

Belonging to the Marriott brand, the hotel will have 197 rooms, including six isolated suites (“forest suites”), and is expected to create more than 200 jobs, in addition to the approximately 300 jobs created in the tourist operation of the Verdelago Resort, which is controlled by a fund managed by the private equity firm Oxy Capital.

The new Marriott will be located within the Verdelago Resort, on an 86-hectare plot of land, 70 of which are covered in vegetation, “including a green recreational and leisure park of approximately 42 hectares, a 24-hectare nature reserve facing the sea, areas for environmental interpretation, conservation and habitat promotion, and a two-hectare lake,” the company emphasizes.

It also highlights that the Verdelago Resort “is surrounded by extensive green areas and two-kilometer wooden walkways that take guests to observation towers, offering a 360º view of the surroundings.”

SOURCE: Negócios; Credits: Rights Reserved