Strategic Acquires 57 Acres of Oceanfront Land in Mexico
DINE Sells Last Hotel Development Site in Punta Mita, Mexico
PUNTA MITA, Mexico, December 18, 2007. DINE, the developer/owner of Punta Mita - a 1,500-acre master-planned luxury second-home resort community on Mexico's Pacific Coast - has sold its last remaining hotel development parcel to Strategic Hotels & Resorts, Inc. Strategic is a real estate investment trust and owner and asset manager of 21 high-end hotels and resorts in North America and Europe.
The Chicago-based REIT purchased some 57 acres of prime oceanfront land to make room for an as-yet-unnamed mixed-use, residential resort development. The effective purchase price of $53 million will be paid in installments through 2009. The company plans to enter into a joint venture on part or all of the land before its development takes place.
"With this acquisition, Punta Mita is now completely sold out for new large-scale development opportunities," says Andres Rossetto, Managing Director of Resort Development for Punta Mita and DINE. "This will be the third investment by Strategic Hotels & Resorts in hotel sites within Punta Mita, underscoring their enthusiasm over this exceptional resort and residential community."
Punta Mita Master Plan
Strategic is the owner of the existing Four Seasons Resort Punta Mita, as well as the La Solana resort development parcel. In addition to these hotel development sites, the St. Regis Resort Punta Mita is under construction and scheduled to open in mid-2008. A spear-shaped peninsula with nine miles of Pacific Coast shoreline, Punta Mita is surrounded on three sides by white-sand beaches and dramatic coves. DINE has invested over $150 million USD to date in the project's infrastructure, and at full build-out, Punta Mita will have a real estate value of approximately $2 billion.
For more information about Punta Mita, contact the Punta Mita Properties Real Estate Center:
toll-free from the U.S. at 888-647-0979;
visit: www.puntamita.com.mx or
email: [email protected].
About Punta Mita, Mexico
Punta Mita is an innovative resort and residential community covering more than 1,500 acres on a spear-shaped peninsula surrounded on three sides by white sand beaches, Pacific Ocean waters and lush tropical flora. It is currently home to Four Seasons Resort Punta Mita, various residential homes and the Jack Nicklaus Signature Golf Course at Punta Mita, ranked World's Best Golf Resort by readers of Conde Nast Traveler 2006 and one of the best golf courses by Travel + Leisure Golf in 2006. The master plan of Punta Mita includes several luxury developments in the works, including the St. Regis Resort & Residences (mid 2008) with a second Jack Nicklaus Signature golf course, and a variety of exclusive residential offerings and estate lots to complete this very privileged resort community. www.puntamita.com.mx
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