According to the Mexican company DINE, owner and developer of Punta Mita, the land represents the last large-scale development site at the community. Punta Mita, located on a peninsula less than an hour north of Puerto Vallarta, already includes the Four Seasons Punta Mita Resort, various residential projects and a Jack Nicklaus Signature Golf Course.
In addition, the St. Regis Resort Punta Mita is under construction and scheduled to open in mid-2008, as will a second Jack Nicklaus golf course. In the third quarter of 2007, residential property sales at Punta Mita totaled $84.5 million, up about 34 percent from 3Q06, which saw $62.5 million in sale. At complete buildout, DINE expects property valuation at the site to be about $2 billion.
Strategic is no stranger to Punta Mita. It already owns the existing Four Seasons resort, as well as the La Solana resort development parcel. The company plans to enter into joint venture on part or all of the land it has just acquired before it develops the site. Currently Strategic owns 21 high-end hotels and resorts in North America and Europe.
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source: commercialpropertynews.com
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