Gencom and Mohari Hospitality Obtain $130 Million in Financing for Construction of Nekajui, an Ongoing Ritz-Carlton Reserve in Peninsula Papagayo, Costa Rica | Company
MIAMI–(BUSINESS WIRE)–October 28, 2022–
Central America’s newest ultra-luxury resort and branded residences has secured $130 million in financing that will fund the property’s ongoing construction, slated for completion and opening in late 2024. Nekajui, a Ritz-Carlton Reserve (pronounced Nek-ah-wee) is located on the Papagayo Peninsula, a 1,400-acre private club and resort community located on the northern Pacific coast of Costa Rica. The resort – whose name derives from the indigenous word for “garden” – will consist of 107 rooms and suites, as well as 36 branded houses and villas.
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Ritz-Carlton Reserve Residential Lounge (Photo: Ritz-Carlton Reserve)
Financing for Nekajui’s construction was provided by a group led by Banco BCT and Monroe Capital, which lent $130 million on a combined basis. Gencom and Mohari Hospitality, which are developing Nekajui through a joint venture partnership, launched the project in May 2022 and have since been preparing the site for vertical construction, which begins this month.
Since the launch of sales in late 2021, more than 70% of Nekajui residences have been pre-sold, representing approximately $180 million in total sales. Villas and country houses sell for prices ranging from 5 to 15 million dollars. Nekajui floor plans range from two to five bedrooms and from 2,200 to 6,300 square feet. Most residences have large outdoor living areas with private pools and terraces. All houses will be delivered turnkey, fully furnished.
Designed by SB Architects and Gensler, Nekajui’s ultra-luxury rooms and residences will offer spectacular ocean views showcasing the natural splendor of the Papagayo Peninsula and Costa Rica’s North Pacific Coast. In recent years, the peninsula has become a premier global destination home to unspoilt beaches, world-class golf and extraordinary eco-adventure on land and water.
Nekajui is located on a quiet, protected beach and will feature lush gardens and a cascading infinity pool overlooking the Pacific Ocean. Facilities will include a private beach club and on-site spa, three Ritz-Carlton Reserve dining concepts, a suspension bridge and Environmental Ambassadors – a collaboration with Jean-Michel Cousteau’s Ocean Futures Society.
Beyond Nekajui lies the expanse of the Papagayo Peninsula, which offers an endless array of outdoor experiences for residents and visitors of all ages and interests. Activities include surfing, diving and snorkeling, hiking, mountain biking, kayaking and canoeing, sailing and sport fishing.
Adding to the impressive list of amenities, in November Peninsula Papagayo will open a new wilderness outpost inside its exclusive 250-acre Palmares Reserve. From one-of-a-kind aerial adventure to off-roading, mountain biking, nature hikes, bird watching and multi-adventure tours, The Outpost at Palmares Preserve will be ground zero for eco-adventures unique on land and above ground.
Further afield is the Área de Conservación Guanacaste (ACG), a UNESCO-protected stretch of land and sea that is home to four tropical ecosystems supporting some 7,000 species of plants and more than 900 species of vertebrates. Nekajui owners and their guests will enjoy personalized itineraries curated by local experts during their stay.
Lotus Capital Partners acted as financing advisor to Gencom and Mohari in connection with this transaction.
NEKAJUI, A RITZ-CARLTON RESERVE RESIDENCE IS NOT OWNED, DEVELOPED OR SOLD BY THE RITZ-CARLTON HOTEL COMPANY, LLC OR ITS AFFILIATES (“RITZ-CARLTON”). INVERSIONES HOTELERAS PLAYA POCHOTE, SRL USES THE RITZ-CARLTON MARKS UNDER A LICENSE FROM RITZ-CARLTON, WHO HAS NOT CONFIRMED THE ACCURACY OF ANY STATEMENTS OR REPRESENTATIONS MADE HEREIN.
About the Papagayo Peninsula
Located in Costa Rica, one of the most peaceful and biodiverse countries in the world, the Papagayo Peninsula is considered by many to be Latin America’s ultimate coastal retreat. The community includes Four Seasons Resort Costa Rica at Peninsula Papagayo, Andaz Costa Rica Resort at Peninsula Papagayo, Bahias by Antoine Predock, the Clubhouse at Prieta Beach, the Arnold Palmer Signature Ocean Course at Peninsula Papagayo, Marina Papagayo and an exclusive collection of homes and villas. Peninsula Papagayo is located 30 minutes from Liberia International Airport, which offers flights from major cities in the United States, Canada and the United Kingdom. For more information, visit the website: https://peninsulapapagayo.com.
Gencom is a US-based investment company that owns, operates and develops popular real estate worldwide, with a focus on luxury hotels, resorts and branded residential properties; and who is also an active owner and investor in hotel operating platforms. In addition to its investment in the Four Seasons and Andaz resorts, a subsidiary of Gencom also owns Hacienda AltaGracia, an Auberge Resort in southern Costa Rica. Gencom’s current portfolio includes some of the world’s most iconic hotels, resorts and destinations, which are among the industry’s leading properties with key operating partners such as Marriott, Ritz-Carlton, Rosewood, Fairmont and St. Regis. ( www.gencomgrp.com )
Mohari Hospitality, founded in 2017 by entrepreneur investor Mark Scheinberg, is a global investment firm that engages in a wide range of real estate investment activities, with a focus on luxury hospitality on major urban and resort markets. Mohari’s investments include equity and debt in development and operating assets and Mohari invests both independently and with partners. Mohari’s existing investments include the 2,200-acre Papagayo Peninsula in Costa Rica, which is anchored by a luxury Four Seasons resort; The Ritz-Carlton Yacht Collection; Centro Canalejas in Madrid, home to the first Four Seasons branded hotel in Spain; the Waldorf Astoria Hotel and Residences Miami; 1 Hotel Toronto; Riviera Dining Group, parent company of upscale Florida restaurants MILA and AVA MediterrAegean; Homewood Mountain Resort in Lake Tahoe; Mint House, the leading technology-based residential hospitality company; and Omnam Group, a global property development and investment company headquartered in London. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it operates. (www.moharihospitality.com)
About Monroe Capital
Monroe Capital LLC (“Monroe”) is a leading asset management firm specializing in the private credit markets through various strategies, including direct lending, asset-based lending, specialty finance, real estate finance, opportunistic and structured credit and equity. Since 2004, the company has successfully provided capital solutions to clients in the United States and Canada. Monroe prides itself on being a value-added, customer-friendly partner for business owners, management, and private and independent sponsors. Monroe’s platform offers a wide variety of investment products for institutional and high net worth investors with a focus on generating high quality ‘alpha’ returns regardless of economic or business cycles. The company is headquartered in Chicago with offices in Atlanta, Boston, Los Angeles, Miami, Naples, New York, San Francisco and Seoul.
Monroe has been recognized by both peers and investors with various awards, including Global M&A Network as 2022 Small Midsize Business Lender of the Year, Americas; Private Debt Investor as 2021 Senior Lender of the Year, 2021 Lower Middle Market Lender of the Year, Americas; Creditflux as Best US Direct Lending Fund 2021; and Pension Bridge as Private Credit Strategy of the Year 2020. For more information, visit www.monroecap.com.
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KEYWORD: FLORIDA COSTA RICA UNITED STATES CENTRAL AMERICA NORTH AMERICA
SECTOR KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & LUXURY REAL ESTATE REIT ACCOMMODATION BUSINESS DESTINATIONS HOLIDAYS TRAVEL
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PUBLICATION: 28/10/2022 09:00/DISC: 28/10/2022 09:02