In Costa Rica: Nyesa as the promoter of mega-resort “La Roca” in Puntarenas

12 August, 2011 No Comments

The developer NYESA Valores Corporacion (from the merger of two groups, Inbesós + Group Nyesa) from Zaragoza, Spain, a year ago signed a financing agreement to build a great tourist project in Costa Rica with an American investment fund that made a €255 million loan, to be disbursed later this month, and amortized over 10 years.

This residential-resort project was scheduled to take place in 2008, but the current credit situation forced the delay. This financing allowed the construction of the first phase of the complex, since the licenses are already in the developer’s hands.

“THE ROCK” will be considered the most important resort in the Pacific Coast of Central America, held in the town of Puntarenas, Costa Rica.

The complex will build 3 hotels (along with Setai Hotel Management Group), a beach club, a fitness center, 1,400 residential villas and condominiums (with the following strategy: the condominiums will be purchased as property, and when the owner does not use it, will be in hands of the resort, who will rent them).

At the time of the housing bubble, the target customer was the Spanish investor. However, they now see U.S. citizens with high purchasing power as potential customers, and some domestic demand from the country (the company in charge of marketing the project in the US is Playground, specialized in luxury tourism in the US).

NYESA could have modified the initial investment, which was under €600 million, to €1,000 million. The complex expects revenues of $ 1,600 million and an estimated profit of $485 million. (Expansión 07/09/10)

The project includes a 18 hole golf course designed by former tour player Greg Norman. Norman describes the course as unique due to the privileged characteristics of the topography; its rainforest, natural waterfalls, and its breathtaking ocean views. Therefore, “the Rock” should be considered a top class course, with enough qualities to host PGA tour events.

NYESA has focused its efforts on management and development of urban ground, real estate promotions and wealth, diversifying among the hotel industry, office space sector, residences for the elder, shopping centers, and the logistic and industrial sectors.

In older posts, I have talked about the qualities of Costa Rica, and again I describe it as an exceptional country for many reasons; close to 25% of its surface are natural parks with a great biodiversity such as tropical jungles, dense forests, active volcanoes and beautiful beaches in both coasts, which can border the Caribbean or the Pacific Ocean. Its average temperature ranges, in most of the country, between 23 to 27º C. It is also referred to as “the Switzerland” of the Caribbean for its economic and political stability. These characteristics are creating greater tourist demand, and therefore placing the country under the eye of many potential investors.