Three positive developments in Pacific coast real estate

There were three positive developments in Pacific coast real estate this week.

Los Sueños Resort and Marina in Herradura announced that it would begin construction on Altavista Los Sueños condominium residences in December. The project consists of three-bedroom condominiums ranging from 1,750 to 2,100 square feet and priced from $589,000 to $749,000,

Hacienda Matapalo on the south Pacific coast said it has awarded the contract to install the infrastructure on the property. The work will begin in November and include a water treatment plant, water lines, electrical systems, 11 kilometers (7 miles) of roads and lakes.

Starwood Hotels & Resorts Worldwide, Inc. said it would open The Westin Playa Conchal Resort & Spa in May. Starwood and Desarrollos Hoteleros Guanacaste, a subsidiary of Reserva Conchal, signed a management agreement to rename the Paradisus Playa Conchal Resort in Guanacaste as a Westin. The property in Playa Conchal in Cabo Velas will undergo extensive renovations to its 406 suites and all public areas, Starwood said.

Los Sueños is a long-time player in luxury accommodations on the Central pacific coast. It features a private 600-acre rainforest reserve, the 201-room five-star Los Sueños Marriott Ocean & Golf Resort, a full-service, 200-slip international marina, an exclusive beach club for residents and the 18-hole La Iguana championship golf course. There are 500 luxury single-family homes, lots, condominiums and villas already sold.

“Our goal with Altavista Los Sueños was to create a new collection of high-quality ocean view residences that responded to today’s market demands,” says developer William Royster in a release. “Altavista will complement our existing community and will offer owners the same great access to a world-class, award-winning resort and Costa Rica’s first government-sanctioned, full-service international marina.”

Altavista Los Sueños joins the development’s portfolio of luxury resort residences that range from one-, two- and three-bedroom condominiums to single-family homes. Other Los Sueños communities include Riviera and Malibu at Altamira, Marbella Condominiums at Altamira, Montebello Residences at Altamira, Colina Condominiums, Del Mar Condominiums and Bay Residences at Del Mar.

Los Sueños Resort and Marina is one of the most successful resort development in Central America The next eight years will see the completion of the remaining phases of Los Sueños, including the final phase of Marina Village, several hundred additional luxury residences and the construction of an eco-lodge in the rainforest reserve, the company said.

The announcement by Hacienda Matapalo comes after the company has made more than $60 million in pre-construction sales. The builder will be Jimenez y Chacon Constructores S.A. of Cartago, said a company spokesman. Hacienda Matapalo’s strategic partner is Su Casa Desarrollos de Vivienda S.A. of the Tu Hogar S.A. Real Estate Group,

“Today’s announcement marks a significant milestone in our progress and moves us one step closer to fulfilling our vision of creating and delivering the absolute best residential community in Costa Rica,” said David Matluck, Hacienda Matapalo chief executive officer in a release.

The agreement calls for the completion of Hacienda Matapalo’s entrance and the continuation of the infrastructure which connects the forest, streams and mountains which are part of the 655-acre master planned, gated community, the firm said. The company began putting in gravel roads earlier in the year and stopped when the rainy season began.

Once the roads and utilities are in place, owners will be able to take formal ownership of their home sites and begin building, the firm said.

“The pre-construction success we’ve experienced emphasizes people’s desire to live and invest in a place of casual elegance surrounded by picturesque natural beauty,” Matluck said. “Being able to offer ownership at pre-construction pricing has kept the project affordable and along with our location has made Hacienda Matapalo the most desired development in Costa Rica.”

Amenities included a private beach club, equestrian center, community center and clubhouse featuring several winding and flowing infinity edge pools, tennis and basketball courts, multiple picnic and gathering areas and a playground. The site includes waterfalls, streams, forests, mountains, lakes and access to 26 miles of virgin beach that was recently named the second-most eco-friendly beach in the world, said the firm.

Westin said it expects to nearly double its portfolio in Latin America by 2014.

“Starwood is proud to expand the Westin Resorts portfolio with the addition of The Westin Playa Conchal Resort & Spa,” said Osvaldo Librizzi, president of Starwood Hotels & Resorts Latin America. “Recent growth in the all-inclusive luxury resort market in Mexico and Central America, coupled with increasing demand from our . . . members seeking vacation packages have created fertile conditions for our entry in the all-inclusive market.”

The Westin Playa Conchal Resort & Spa will be the first Starwood property in Costa Rica in 20 years and the newest member of the Westin brand’s resorts portfolio, which offers 40 resorts. Westin has five hotels in Mexico and one in Guatemala, and will be opening five more in Latin America in the next four years, including The Westin Libertador, Lima, Peru; The Westin Guadalajara, Mexico; and two in Panamá: The Westin Panamá and The Westin Playa Bonita.

The Westin Playa Conchal Resort & Spa will feature 6,500 square feet of meeting and banquet facilities, as well as a  gym.

Starwood Hotels is one of the leading hotel and leisure companies in the world with 1,000 properties in nearly 100 countries and territories with 145,000 employees at its owned and managed properties.

Desarrollos Hoteleros Guanacaste is a subsidiary of Reserva Conchal, which itself is a fully owned subsidiary of Florida Ice & Farm Co., the publicly traded Costa Rican company.

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