In 1977 the, Venlo-born, Dutch entrepreneur Sander van Gelder acquired the resort out of receivership, after it had struggled financially following the 1974 Carnation Revolution. He had originally intended to acquire just a small plot of land in the area, but ended up taking the opportunity to acquire the whole resort. The resort was run under van Gelder's ownership for the next thirty years, adding another eighteen hole golf course and many facilities including bars, restaurants, and shops. The resort hosted the Portuguese Open in 2002 and 2003.
In 2006 a combination of Portuguese and international investors together with the Portuguese state-owned bank Caixa Geral de Depósitos acquired the development from van Gelder, installing Diogo Gaspar Ferreira as CEO. Over the next four years, they took out twelve loans to further develop the resort, for a total new debt of 249 million euros. By the summer of 2015 all of these loans were in arrearage. Because five of these loans were from Caixa, at a time when Armando Vara was the bank's administrator, they were investigated as part of Operation Marquis, and figured in the charges against José Sócrates and other Operation Marquis defendants.