Author: Ben

Please read the full article at Publico, published September 29, 2014 

Summary:

The Bom Sucesso Design Resort, Leisure & Golf, once hailed as one of Europe’s finest tourist developments, is currently facing insolvency. Originating as a PIN project during the Sócrates government, the 150-hectare luxury development near Óbidos lagoon transformed into a high-quality, internationally acclaimed project, anchored by a golf course and a proposed five-star Hilton hotel. However, the resort is now bankrupt, grappling with a complex shareholder structure and significant debt.

The project’s financial troubles stem from the housing market contraction during the economic crisis, leading to a plunge in home sales. The fall of BES, the primary financier, further accelerated the resort’s financial decline. The shareholder structure involves a closed-end real estate fund, Concordo Óbidos SA, Bom Sucesso SGPS, and other entities, all facing insolvency.

Despite bankruptcy, efforts are being made to salvage the golf course, seen as crucial for maintaining the real estate value of the luxury homes surrounding it. The completion of the Hilton hotel, currently suspended, could provide a significant boost to the project.

Various entities, including Portugal Ventures and the Graça Moura family, are creditors seeking to recover investments. The Hilton Worldwide chain remains committed to expanding its presence in Portugal, but the completion of the Hilton Bom Sucesso Óbidos Resort is uncertain.

While the resort still presents a high-quality appearance, with security measures in place, a closer inspection reveals areas of halted construction and abandoned shipyards. The project’s completion is no longer the primary concern; instead, the focus is on saving the resort. The financial future of the Bom Sucesso resort remains uncertain, and the challenges faced by creditors and investors are intricate and multifaceted.

Please read full article of Gazeta Das Caldas from 20th April 2014 here.

Summary:

The Bom Sucesso Design Resort in Óbidos faces financial challenges, with dozens of house owners demanding payment of approximately one million euros related to the tourist exploitation contract. President of the resort’s board of directors, Paulo Graça Moura, acknowledges the debt and aims to propose an agreement ensuring payments to customers, contractors, and banks. The resort operates under two contracts: Vacations and Hotelier, with criticism mainly directed towards the Hotelier system, where owners use their houses for six weeks a year. Despite attempts to regularize the situation, some owners report unpaid returns and problems with construction and maintenance. However, the resort’s debts do not hinder the opening of the Hilton Hotel, as the company responsible for its implementation has no outstanding debts. Bom Sucesso remains optimistic about the hotel’s opening, seeing it as a potential catalyst for the resort’s growth despite challenges in the real estate market.

Please read original article at Jornal das Caldas from Feb 3, 2011

Summary:

The Hilton Bom Sucesso, a five-star hotel in Óbidos, scheduled to open in the first half of 2012, is already under construction. Classified as a Project of National Interest (PIN), it will feature 120 rooms overlooking the Bom Sucesso golf course, with architecture by renowned Portuguese architect Souto Moura. With an investment of 27 million euros, the hotel will offer various amenities including meeting spaces, a business center, Spa facilities, swimming pools, restaurants, and bars.

Please read original article of Gazeta das Caldas from 17.10.2010 here.

Summary:

The company behind the construction of the “Hilton Bom Sucesso, Óbidos” hotel in the Bom Sucesso Design Resort will receive a €13.6 million incentive for the project. This five-star hotel, estimated to cost €27 million, is expected to open within two years. Paulo Graça Moura, the administrator of BS – Acttividades Hoteleiras e Turismo, emphasizes that this incentive is crucial for the project’s implementation and will significantly reduce the financial burden in the initial years. Designed by architect Eduardo Souto Moura, the hotel will feature 120 rooms, extensive garden areas, and a saltwater swimming pool, offering a panoramic view of the golf course and the lagoon. The project includes two main sections housing bedrooms, a spa, restaurants, and congress facilities.

Please read original article at NYTimes.

Summary:

In Óbidos, Portugal, the Silver Coast is experiencing significant development after years of planning. Bom Sucesso, a 200-hectare modernist “design resort,” recently opened an 18-hole golf course and features villas designed by 23 architects. The development will eventually include over 850 residential units, a hotel, and a spa. Additionally, two other master-planned projects, Royal Óbidos Spa & Golf Resort and Quintas de Óbidos Country Club, are underway, adding 700 homes to the area. These developments are concentrated around the medieval walled city of Óbidos, a popular tourist destination, and are set to be completed within the next three years.