Punta Mita Update

DINE, developer/owner of Punta Mita, a 1,500-acre, master-planned, luxury second-homecommunity on Mexico’s Pacific Coast, has sold its last remaining hotel development parcel to Strategic Hotels & Resorts, Inc., a real estate investment trust and owner and asset manager of 21 high-end hotels and resorts in North America and Europe. The Chicago-based REIT purchased some 57 acres of prime oceanfront land to make room for an as-yet-unnamed mixed-use, residential resort development. The company plans to enter into a joint venture on part or all of the land before its development takes place. “With this acquisition, Punta Mita is now completely sold out for new large-scale development opportunities,” says Andres Rossetto, Managing Director of Resort Development for Punta Mita and DINE. Strategic is the owner of the existing Four Seasons Resort Punta Mita, as well as the La Solana resort development parcel. In addition to these hotel development sites, the St. Regis Resort Punta Mita is under construction and scheduled to open in mid-2008.

The last big parcel has been sold at Punta Mita, and to a company that now owns three of the four hotel sites within the development. It will be interesting to see what name brand hotel they bring in to join the other hotels, the Four Seasons and St. Regis. It still hasn’t been announced who will be the management company for La Solana (which they sure haven’t been working on very much since they purchased it). There has been talk of “W” coming in for this new land acquisition.

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