American real estate investor Tom Barrack, through his vehicle Sardegna Resorts, is investing EUR 410 mln in the Porto Cervo regeneration project, situated in the luxury resort destination on Sardinia's Costa Smeralda. The real estate tycoon plans to develop a new five-star hotel, as well as add 70 luxury suits to his four five-star Starwood Hotels in the city. The project includes a new leisure and fitness centre, Italian newspaper La Stampa reported.
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