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Latin America Investment News on Viva Tropical

Costa Rica: Guanacaste Mega-Project Up for Auction

Article Summary:

The Hacienda Pinilla resort complex located in Guanacaste, Costa Rica, which features various hotels, a golf course, and several residential communities, is slated for auction. When completed the sale is expected to exceed $1 billion in revenue.

Photo Credit: El Financiero

Original Article Text From El Financiero via Google Translate:

Hacienda Pinilla is going to auction
Guanacaste megaproject will be offered in its entirety; sales could exceed $ 1,800 million.

After almost 42 years of owning a property of 1,800 hectares in Santa Cruz de Guanacaste and develop what is now known as the tourist and residential mgaproyecto Hacienda Pinilla, HG Pattillo U.S. businessman decided to sell the operation.

The reason? Pattillo, originally from Atlanta, Georgia, 86 years meet in the coming days and want to ensure continuity of development, through the incorporation of a new investor to the company that handles today, Agroganadera Pinilla, SA

Currently, Hacienda Pinilla has about 10% of its land developed with two hotels (La Posada and the JW Marriott), a golf course, a beach club and seven condominiums and residential communities, among other projects.

Mauricio Estrada, general manager, said the plan is to finalize the rest of the expansion in 20 or 30 years.

Precisely, Pattillo has hired U.S. real estate. UU. United Country, which, in alliance with Colliers International, a live auction held on 15 November in Dallas, Texas.

According to Dan Duffy, president of United Country, the event will be exclusively for qualified investors and can only be addressed if it is previously invited.

As for the price of the property, Duffy added that the auction will determine where their true cost, through tenders issued by the participants.

However, some calculations can be made.

According to Danny Quiros, intelligence manager Colliers International Costa Rica, the price per square meter in the Santa Cruz range between $ 90 and $ 110.

This means that the transaction could exceed $ 1,800 million, if the basis is a cost of $ 100 per square meter. This, not including the value of what is already built.

Company spokesmen said that the profits from this sale will be moved after the founding of Pattillo, Guanacaste U.S. Ventures Inc, a nonprofit organization that has benefited some 40 schools in the area.

“We intend to secure a new investor for the project as soon as possible in order to continue the work with foundations,” Pattillo explained in a statement.

While Hacienda Pinilla up signs of “for sale” , and other mega-developments Guanacaste Guanacaste Country Club and Sun Rach Costa Rica have announced new plans.

One is the Country Club (GCC), headed by Frank Biden (brother of the U.S. vice president, Joe Biden)

This would be based on a farm of 834 acres in Liberia and would cost $ 106 million. The plan is to start work next year in five phases to conclude in 2016. It would have two hotels.

Meanwhile, Sun Ranch Limited plans to build a theme park in an area of ​​900 hectares in the same canton, with an investment of $ 1,000 million to be spread over 15 years.

The ambitious project would contemplate not only a playground but also hotels, retail, dining areas, offices and function rooms.

How do you sell?
Hacienda Pinilla will be offered in its entirety and in seven plots.

The larger space measuring just over 1542 hectares and includes the eastern and northern part of the property.

There are located the headquarters of the project, a beach club, golf course, tennis courts, restaurants and several villas.

Another land located south of Playa Langosta area has, permissions and structure necessary to create a 250-room hotel with an ocean view.

According to Mauricio Estrada, there are five areas whose future use has to do with the construction of new hotels.

“This sale is good news for the project because it will generate new investment and accelerate its development,” he said.

Among the lands that are excluded from the sale include the five hectares occupied by the JW Marriott, which operates independently, and about 350 properties sold between condos, homes and lots.

Dan Duffy, of United Country, said he does not foresee any changes in the management of Hacienda Pinilla.

The development includes approximately 250 employees, including sales and administrative staff.

Furthermore, the property has its own water system, waste treatment plant, power grid and three fiber optic networks.

Despite these advantages, the resort still grappling with the vestiges of the economic crisis of 2009 and now promotes the purchase of their properties also by locals.

Link to Original Article:

From El Financiero

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