Vanguard Properties CEO José Cardoso Botelho Resigns; Firm to Divest from Tourism Assets
José Cardoso Botelho, the chief executive officer of major luxury real estate developer Vanguard Properties, has resigned from his position, effective September 10th. The news was confirmed through a private message from Botelho, where he stated his intention to “start an autonomous project.” This high-level departure coincides with a significant strategic pivot for the company, which is now set to divest from key tourism assets to sharpen its focus on the residential market in Portugal.
The leadership change follows the transition of control to Alexandre Berda, who has taken over management from his father, Claude Berda. Under the new leadership, the developer is optimizing its investment strategy in Portugal. An official source from Vanguard Properties has not yet commented on the resignation. In his message, Botelho noted he would maintain his role as Vanguard's representative in the Portuguese Association of Real Estate Developers and Investors (APPII), citing a “fraternal relationship” with his partners.
In line with its new strategy, Vanguard Properties has put several of its tourism and hotel assets on the market. The company has hired the financial advisory firm Alantra to manage the sale process, with teasers already being distributed to potential investors and other real estate developers. This move is intended to allow Vanguard to concentrate its resources on what it identifies as its core business and long-term vision: the residential sector.
Among the assets listed for sale are significant tourism and hotel plots within the 'Torre' and 'Dunas' developments in Comporta. The 'Torre' project, for instance, includes plans for two luxury hotels and 171 branded residences. Furthermore, Vanguard Properties is also selling The Shore Residences project in the Algarve, having mandated the real estate services firm Dils to handle the transaction. This divestment opens up substantial portions of highly coveted development land to new market players.
Company representative Duarte Zoio previously explained the rationale, stating, “this operation allows us to concentrate resources on the development of structuring projects, like Dunas, Torre, and Foz do Tejo.” He emphasized that the strategy is to focus on assets that “best reflect our experience and long-term vision for the national market, in particular in the residential segment.” The company will proceed with the residential lots at 'Torre', where infrastructure is already complete, and the 'Dunas' project, which includes a recently inaugurated golf course.
Vanguard Properties made headlines in 2019 when, in partnership with Amorim Luxury, it acquired the assets of Herdade da Comporta from the former Espírito Santo Group for €157.5 million. The vast estate covers approximately 1,380 hectares and includes the Comporta Dunes and Comporta Links developments. The developer's shift away from tourism components in such a landmark location is seen by market analysts as a significant indicator of evolving strategies within Portugal's high-end property sector.
The sale of these prime tourism assets is expected to attract considerable interest from both national and international investors looking to capitalize on Portugal's robust tourism industry. Meanwhile, Vanguard's sharpened focus on residential projects reaffirms its commitment to delivering high-quality housing and reinforces its position as one of the country's most influential developers. The market will be closely watching how this strategic realignment impacts both the Comporta region and the broader luxury real estate landscape in Portugal.
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