Bahia Resort of Papagayo
Our property is in the heart of Papagayo, directly across the Bahia Culebra from the Four Seasons Hotel, and about 20 minutes from the Daniel Oduber airport. We believe this is the one of the best location in all of Costa Rica, and one day will become the French Rivera of Central America.
We estimate that there is 5-8 billion dollars planed to be invested, with the smart money in the Papagayo area over the next few years, i.e. 15 five star Resorts. Steve Case has publicly announced his plans for an $800,000,000 dollars resort which is located roughly 2 miles away from our property. Case plans are to re-start their development project in about 18 months from now, when both the USA and the CR economies recover.
The Papagayo area has been designated by the Government as a Tourist development priority for the country. These ICT concessions are very unique when compared to the rest of the country. This area has a Master Plan, unique set of by-laws, green friendly zoning restrictions, and most importantly government guarantees for utilities, as well as the Federal Government having jurisdiction over this land, not the local municipalities.
Our Neighbors, the new Weston Hotel and the Regent Hotel have both broken-ground. The estimated completion for these two resorts is 18-36 months, with approximately ($500 to $600) hundred million dollar combined development budgets, for just these two projects.
Our residential parcels will allow for approximately 100 residential units to be developed in a prime location, with stunning ocean views. Our exit strategy is developing modest priced condominiums units with an incredible ocean view, offer owner financing, with a target market of 50% of sales from the Costa Rican market. Enclosed in this information package is a conceptual master plan of possible sub-divisions.
Our commercial frontage on the Boulevard is also a prime development opportunity. The neighboring developers, in harmony with our team, envision the boulevard to become the next Rodeo Drive” of Costa Rica. Development plans include a 5 star casino, amphitheater, many high end shops and restaurants directly across the street from our property. Our exit strategy is developed the units, lease them out, and sell them to the Costa Rica Real Estate Investment Trust.
Our Hotel parcel is also, a great business opportunity and an excellent location for a mid-priced, 3-4 star select service hotel. When you consider the hotel site is a 5 minute walk to Panama beach, our neighbors, the new 5 start hotels (Weston and Regent) , room rates at the neighboring hotels will be starting at $300 to $700 per night, if this hotel offered modesty priced room rates, we believe there would very high occupancy rate year round. Our short term marketing strategy is to secure contract with several local tour operators (1-3 years) to grantee 30 to 40% occupancy. Our long term marketing strategy is to hire this unique, USA web based marketing company, with a goal of 75% of our room bookings from direct internet generated sales. Our exit strategy is to construct the hotel, start up the operations and sell the hotel for 5-10 times earnings.
The best asset this area has to offer developers is the quantity of available water resources. The experts estimate there is an adequate supply of water in a massive reservoir (2-3 miles away) to fulfill the needs of the entire community indefinitely. This is one of the main reasons the Papagayo Peninsula Group – Four Seasons Resort decided to invest a Billion dollars over the next 15 years in Papagayo. Recently, Costa Rica has secured a loan form the World Bank to financing the infrastructure for the water distribution plan. We estimate this project could be complete with in the next 6-12 months.
Owner financing available. Please contact – Michael Mills for further information – RE/MAX Prestige Ocean Properties & RE/MAX Los Tres Amigos
Playa Hermosa & Playa Panama, GTE, Costa Rica
Cell 011-506-8-867-6929 or 011.506.8-827-5418
FAX 011-506-2-672-0254
Email: michael@costarica-realestate.com
Web: http://www.costarica-realestate.com
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HUD “Housing Urban Development” Property For sale HUD# 251-299838 For Sale Price $157,000 ARV Est $420,000
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