Oh now wow, this is not your basic self catering apartment. This looks beautiful! It's a 5* hotel in the Algarve and looks stunning. I've just wasted half an hour looking at their website and the videos and it seems a really good place for families and they have a shuttle service to the beach and the hotel pools and spas looks heavenly!
Flights are with Ryanair and only include hand luggage and the transfer is a private car for four of you.
The details of the hotel are here:http://www.macdonaldmonchique.com/family/family-break.htm
(Watch the videos as they have some good info from families), they also do free walks around the area and into local villages too which is a nice touch each day at 10am.
And the reviews http://www.tripadvisor.co.uk/Hotel_Review-g189119-d4234284-Reviews-Macdonald_Monchique_Resort_Spa-Monchique_Faro_District_Algarve.html
There are cheaper hotels but I think this looks great value and lovely and relaxing especially the spa for mums and dads. I've included transfers but if you wanted to head further afield it may be more beneficial to look at car hire for similar cost.
Book 10 Nights in the hotel on Ebookers (follow get deal button) £1050.12 using code GETAWAY13
Book flights on £281.92 http://www.ryanair.com
£97.18 Private return transfer book on http://www.hoppa.com