Parque da Floresta golf resort for sale

The Parque da Floresta golf resort, recently renamed as Santo António Golf, is for sale as part of the insolvency proceedings of its owner, Sociedade de Santo António.

In May 2012, the three companies managing the golf resort were placed into administration by order of the court in Lagos. These companies were the developer, Vigia SGPS, property company Quinta da Colina and golf management company Golfe de Santo António.

In June 2014, various of the resort’s land assets were put up for auction on behalf of these three companies to try and recoup some of the money owed to the taxman, social security department and the local authority which was owed €1.7 million. (See: Public auction details for Parque da Floresta resort)

Today’s news is a continuation of the lengthy insolvency process in which Vila do Bispo council is still owed €1.5 million for water supplied to the course.

The minimum bid is set at a sporty €9.8 million with the mayor hoping that a new owner will be able to revive the business and that the enterprise once again will “be one of the touristic engines of the county.”

Currently, staff wages are being paid but many of the 89 employees are still owed amounts from previous years.

Sealed bids will be opened on March 1st. For sale is the 18-hole golf course, golf academy, bowling green, 38 buggies. There also is tourist accommodation of 256 tourist beds in 55 units, four buildings, two tennis courts, two swimming pools and a restaurant.

© algarvedailynews.com

The above content produced by swissinfo.ch is not intended for commercial use and may not be republished by third parties either wholly or in part.