News for the Hospitality Executive
Strategic Hotels & Resorts Acquires 57 Acres of Oceanfront
Punta Mita, Mexico for an As-yet-unnamed Mixed-use Resort Development
Punta Mita effectively “sold out” for large-scale development opportunities
PUNTA MITA, MEXICO - December 18, 2007 - DINE, 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., 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 firstname.lastname@example.org.
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
Founded in 1978, DINE is the owner and developer of Punta Mita and is Mexico ’s premier real estate developer. DINE’s mission is to establish unprecedented design quality in residential, commercial, leisure and corporate real estate projects. DINE (Cantiles de Mita, S.A. de C.V.) is the real estate subsidiary of DESC, S.A. de C.V., which recently celebrated its 25th anniversary and is Mexico's eleventh largest conglomerate, with over $2.2 billion in sales. www.dine.com.mx
DINE (Cantiles de Mita, S.A. de C.V.)