Peninsula Papagayo Sells
Peninsula Papagayo Sells to Real Estate Development Group Gencom based out of Houston, USA. This is exciting news! The flagship development property of the entire Papagayo Region will no longer be run by the hands-off Schwan foundation and will be guided into it next level of new development by a seasoned resort development and finance company with significant hands-on experience bringing major resort brands to their developments.
The in country development team will remain the same and they will be invigorated by their new owners and partners. Check out article that details the purchase below. It was taken from the Costa Rica Star article called “Ritz-Carlton Investor Closes Major Real Estate Deal in Costa Rica” dated August 17, 2016 by Jaime Lopez.
MIAMI- Gencom, a leading U.S.-based international luxury hospitality and residential real estate investment and development firm, today announced the acquisition of Peninsula Papagayo Resort by a Gencom affiliate. The ownership acquired the 1,400-acre luxury master development in Costa Rica’s famed Guanacaste province for an undisclosed sum.
Anchored by the award-winning, 182-key Four Seasons Papagayo, Peninsula Papagayo includes such luxury amenities as an 18-hole Arnold Palmer-designed golf course and clubhouse, the 180-slip Marina Papagayo, and the 38,000 square foot Prieta Beach Club – all of which are recognized for offering best-in-class service via the more than 700 employees. The Four Seasons Papagayo is ranked as the only Forbes Travel Guide Five-Star Resort in Central and South America. The Guanacaste province, internationally noted as Costa Rica’s premier tourism destination, is located in the country’s northwestern region along the Pacific Ocean, bordering Nicaragua to the north.
The ownership is partnering with Costa Rican developer Sinergo Development Group to carry out the renovation and reinvigoration of the existing assets, including the Four Seasons Papagayo, and also to assist in the development of future phases. The design team also includes local architecture firm Zurcher Arquitectos and New York-based luxury interior design firm Meyer Davis. Plans for future development include branded and unbranded luxury residential real estate along with other complementary hotel brands.
“We are excited by the immediate and long-term benefits that this acquisition and further investments within the peninsula will bring to Costa Rica and the Guanacaste province, including job creation, increased tourism, and heightened global visibility for Peninsula Papagayo as a national jewel,” said Karim Alibhai, principal of Gencom. “This acquisition is part of our continued strategic response to an increased demand from elite international travelers for luxury, experience-driven vacations in prime destinations.”
As part of its commitment to the community, the group plans to invest in and continue the work of Creciendo Juntos (“Growing Together”), a local nonprofit organization that supports local high and elementary schools with programs including educational initiatives and preventative health care.
“As a native Costa Rican, I am excited by the reinvestment in Peninsula Papagayo, a vital pillar of Costa Rican tourism,” said Manuel Ardon, chief operating officer of Peninsula Papagayo. “Thanks to this acquisition, the phenomenal infrastructure of Peninsula Papagayo, which was developed in one of the world’s most spectacular geographic landscapes, will set a new standard among the other real estate and hospitality master developments in Central America, the Caribbean, and Mexico.”
The seller was represented by REH Capital Partners and the Algon Group in a strategic alliance as co-advisors.
Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and luxury hospitality related residential real estate sectors. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe. For more information about Gencom, please visit http://www.gencomgrp.com
About REH Capital Partners
REH Capital Partners, LLC, is a national investment and advisory services firm primarily focused on the real estate and hospitality industries. The firm is led by Frank Nardozza, its founder, and a senior executive team dedicated to fulfilling the diverse needs of clients requiring seasoned real estate and hospitality know-how, personalized attention, and highly tailored business solutions. REH Capital Partners has headquarters in Fort Lauderdale, Fla., and offices in Los Angeles. More information is available at www.rehcp.com
About Algon Group
Algon Group is a specialized financial advisory firm that provides sophisticated advisory services in M&A, financing and restructuring transactions. For more information about Algon Group, please visit www.algongroup.com
About Sinergo Development Group
Sinergo Development Group is a development and asset management firm specialized in the hospitality and real estate sectors in Costa Rica and the Caribbean. With headquarters in San Jose, Costa Rica, the company is noted for its development of the Four Seasons Papagayo among other award-winning projects.
Tags: Costa Rica Real Estate Market, Investing in Costa Rica