Q: How did you go about developing a strategy to introduce real estate at the resort?
Real estate was part of our Masterplan for PGA Catalunya Resort from the start, but our implementation was quite different from many of our competitors.
We were always determined to keep world-class golf at the core of the estate. We constructed the championship golf courses, the resort infrastructure and the hotel first, establishing ourselves as one of the world’s leading golf destinations.
It was a full 12 years after we opened that we decided it was the appropriate time to integrate the real estate aspect of our plan, and this ensured that the real estate would not dictate but complement the strong golf heritage we had created.
Q: What were the challenges you faced, from a market perspective, and how did you address them?
It was a very challenging market at the time. The global financial crisis which had heavily impacted the European real estate market was still a major factor, and the market was also saturated with residential units available at the time. In 2011, there were around 800,000 golf properties on the market in Spain, and investment was still at a low. These realities required us to think carefully about how we were going to launch our own real estate offering.
Initially, we built a small number of show villas for prospective clients to visualise the concept we were proposing at PGA Catalunya Resort. This enabled us, before making a significant investment, to identify who our customers were and to determine the price point buyers were willing to meet. We always believed that if the product is right and of high quality, people are willing to pay a premium. Our measured approach allowed us to test that and then to invest confidently in our real estate.
Q: In what ways have you sought to differentiate PGA Catalunya Resort from other resorts?
For one, our mission was to develop a ‘pure’ golf experience – hence our strategy of developing our two golf courses from the very beginning. This enabled us to concentrate on creating layouts that would be recognised among Europe – and the world’s – leading courses, without making any compromises along the way.
Once our core golf offering was developed, we took on an ethos of evolution at PGA Catalunya Resort, with the aim of becoming one of the most comprehensive luxury lifestyle experiences in the world. We first opened Hotel Camiral, Girona’s only 5-star hotel, and then looked to expand the range of activities and services we could offer across the resort, with a mission of appealing to people of every age and interest. Our facilities now include various sports, exercise, relaxation and spa, nature walks, adventure activities, cultural interests, children’s activities, cooking, and much more. We have planted our own vineyard within the estate, our new LAVIDA Hotel has just opened, and we have much more in the pipeline, including a man-made recreational lake for watersports. We are always looking for new ways to make our resort stand out.
In terms of real estate, our contemporary architecture contrasted starkly with the classic Mediterranean styles of the properties available at the time in Spain. Our low-density construction ethos was designed to connect people to the Catalonian landscape, using liberal amounts of glass with cleverly designed borderless gardens and terraces that still maintain residents’ privacy. I think we have ended up with something quite unique, and its success speaks for itself.
Q: From speaking to residents, what aspects attracted prospective buyers to invest in PGA Catalunya Resort?
The first aspect is always our world-class golf courses, including Spain’s No. 1 layout. That is a big draw and has always been at the heart of our marketing strategy.
Another key factor is the contemporary style and modern designs of our real estate. Be it the onsite hotels, the clubhouse or the residential properties – there is a cohesion of design throughout the resort which strongly appeals to our customers.
Residential services are another important aspect. From specialist advice and personalised administration, to new parent concierge and baby-sitting, as well as home maintenance and rental assistance – the bespoke provision of our Property Service Department is definitely a great asset.
Lastly, our location. At less than an hour from Barcelona, 20 minutes from the beaches of the Costa Brava and 15 minutes from historic Girona, easily accessed from all parts of Europe thanks to two local international airports and excellent train and road links – our great location is an important contributing factor.
Q: What are the key learnings which have contributed to developing a successful real estate project?
Adopting a flexible approach that has allowed us to adapt to market demand has been one key learning. This not only enabled us to prosper within a challenging market at a time when few were succeeding, but also to build a momentum that has allowed us to establish ourselves as a leading golf and luxury lifestyle resort.
Another was recognising early that we were not just competing with other golf resorts but also with seaside and coastal projects, which allowed us to develop a multi-faced marketing strategy.
Finally, and possibly surprisingly, we realised that it isn’t always the cheapest products that are the easiest to sell.
