INTERNATIONAL REPORT—All across the chain scales, hotel properties are changing hands. Here’s a look at three recent transactions.
Andaz Costa Rica Resort at Peninsula Papagayo
A Gencom affiliate, Papagayo Partners Ltd., and local real estate developer Sinergo Development Group S.A. have acquired Andaz Costa Rica Resort at Peninsula Papagayo. Following the August 2016 purchase of the 1,400-acre Peninsula Papagayo and Four Seasons Resort Costa Rica, this marks the second resort investment for the new ownership guided by Gencom on Peninsula Papagayo, a premier resort and residential destination in the Guanacaste province of northwest Costa Rica.
The acquisition also signals the ownership group’s commitment toward a major transformation and preservation of Peninsula Papagayo, according to the company. Key developments include new capital improvements to Andaz Costa Rica Resort at Peninsula Papagayo and a major renovation of Four Seasons Resort Costa Rica as announced in July 2017 along with new peninsula-wide amenities, enhancements and first-ever experiences.
The Andaz Costa Rica Resort at Peninsula Papagayo is a 153-key resort inspired by Costa Rica’s lush flora and fauna that sits on 28 oceanfront acres overlooking the Bay of Culebra.
The resort offers three Latin American-influenced restaurants with open-kitchen concepts; two secluded beaches; separate adult and family pools; a spa with six indoor and three outdoor treatment rooms; 8,200 sq. ft. of flexible event and meeting space including an ocean-view gazebo; a 24-hour fitness center; and the Cambi Kids Club.
“Acquiring Andaz Costa Rica Resort at Peninsula Papagayo as our second property on Peninsula Papagayo is a testament to our thoughtful, long-term vision for completely integrating this 1,400-acre protected paradise and bringing a seamless destination experience to full and vibrant life,” said Karim Alibhai, founder and principal of Miami-based Gencom.
The peninsula-wide transformation currently underway at Peninsula Papagayo will be supported by a series of capital improvements at Andaz Costa Rica Resort at Peninsula Papagayo beginning in fall 2017. A brand new Andaz Beach House will open in late 2017 on Peninsula Papagayo’s Nacascolo Beach. Access to the Andaz Beach House will be via shuttle or by water taxi from the resort. Additional enhancements will encompass the resort’s three dining venues, poolside bar service, fitness center, guest mobility offerings and meeting spaces.
MacArthur Place Hotel & Spa
IMH Financial Corporation has acquired MacArthur Place Hotel & Spa, an upscale 64-room hotel situated on a five-acre parcel in Sonoma, CA. The Scottsdale-based group also manages L’Auberge de Sedona and Orchards Inn, both in Sedona, AZ.
“The historical significance and provenance of MacArthur Place are precisely the attributes we seek when acquiring a boutique property,” said Lawrence Bain, chairman and CEO of IMH. “We look forward to bringing the same five-star level of service and quality to the Sonoma community as we have in Sedona.”
IMH is planning a major renovation of the entire facility including the arrival experience, reception, culinary venues, spa, pool and all of the guest rooms and suites. Upon completion, which is anticipated by early summer, IMH plans to rebrand the hotel as L’Auberge de Sonoma.
“The unique nature of the 160-year-old property and its Victorian architecture makes this project exciting and fun for the guest and our team alike,” Bain continued. “We will expand MacArthur’s outdoor setting to include dining and seating so that the amazing gardens can be enjoyed to the fullest.”
The agents who represented MacArthur Place were Henry Bose and Mark McDermott from CBRE in San Francisco.
By the end of the year, IMH expects to acquire another high-end boutique resort property to rebrand as its third L’Auberge property.
Comfort Inn Disney, Lake Buena Vista
Hunter Hotel Advisors represented Sun Vista Hotels in the sale of the Comfort Inn Disney Lake Buena Vista in Florida. The seven-story, 200-room hotel was sold to AD1 Global for a purchase price of $20.5 million. The property was sold with adjacent land that is entitled to build an additional 150 rooms.