Strategic Hotels Acquires 47.5 Acres for Upscale Resort, 55 Luxury Homes
 Gail Kalinoski - cpnonline.com
| | The property includes 20.5 acres that will be developed as 70 hotel suites. |
Strategic Hotel Capital Inc. (d/b/a Strategic Hotels and Resorts) is planning to build a luxury, all-suite resort and approximately 55 homes on 47.5 oceanfront acres in Nayarit, Mexico, CEO Laurence Geller told CPN today.
Strategic paid $29.5 million to its competitor, Rosewood Hotels & Resorts, for the La Solana Hotel and Villas development site, adjacent to its Four Seasons Resort Punta Mita, Geller said. The property includes 20.5 acres that will be developed as 70 hotel suites, several dozen of which will be sold as fractional ownerships, he said.
That part of the site will also include a spa, restaurant, pool and retail complex. On the remaining land, Strategic plans to build homes with prices ranging from approximately $4 million to as high as $10 million, he said. Located on the Pacific Ocean, northwest of Puerto Vallarta, Geller said the hillside property has spectacular views.
"It was under construction; then it stopped," Geller said of the site when it was owned by Rosewood. "We saw it had run into difficulties. Over the next nine to 10 months, we stepped in there and gradually tried to clean it up." He could not estimate how much the entire project will cost to develop, but said, "When you have land that expensive, development won't be cheap."
Geller also doesn't plan to scrimp. "We know what the customers want for this market," he said. "We want a great product. We want an architectural statement that differentiates us from our Four Seasons resort but also differentiates us from any other development in Mexico."
Still with the popular Four Seasons Resort Punta Mita right next door, Geller said there would be some savings. "Clearly there are synergies to be obtained and central services we as owners can benefit from," he said. The project is on the fast track and he hopes it will be completed by 2009. |
Vallarta Weddings
Vallarta Living | Home & Real Estate | March 2006 
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