I did look at it, but only very briefly, and I will explain why. On the positive side, it looks like a perfectly decent project, and they promise a 3% dividend plus a guaranteed return of the investment. On the negative side, however, I see a lot of risk.
First of all, your investment would be completely tied up in one asset. If I was going to do that, I would likely just buy a piece of real estate myself to get my GV, as at least that way I have control. Second, indeed, there is some concern about the sector. Hopefully (for all of us!) that is just a short term concern, and life will return to normal. But either way, there is still no diversification of the investment.
My main concern, however is being tied up in a construction project. While this one may be perfectly fine, there are frequently problems with construction projects. Whether it is because a planning or construction permission gets revoked, or the general contractor goes bankrupt, or the agreement with Marriott runs into trouble, any of these (or various other issues) could cause problems. If that’s the case, then you may be stuck and will have to rely on the quality of their guarantee to return your money.
This is no statement against the developer, who I do not know. I have no reason to doubt that they would return your money, but if they run into financial trouble as well, then you may have serious problems getting your money back. To be fair, this is a risk with the fund model as well, but the investments are more diversified, and hopefully the CMVM regulatory regime offers protection.