The money will be used specifically for campaigns in foreign markets, part of which will showcase the region's business tourism opportunties.
Desiderio Silva, president of the regional tourism board, and the former president of the ATA, said that holding events in the Algarve during March, April, May and October was 'fundamental' for the region to fight the 'low-season blues'.
He was speaking following a presentation of the region's strategic marketing plan for 2015-2018, revealed last month at an event in Lisbon.
There are a number of hotel developments planned for the region, including the Viceroy Algarve at Quinta da Ombria, while the Sheration Algarve Hotel is undergoing renovation and is expected to reopen in June.
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