Costa Rica, and its amazing Puntarenas Luxury Resort

30 August, 2011 No Comments

The Spanish developer Nyesa soared 16% in an intraday session last year, following the agreement signed with the U.S. investment fund Wilson Capital Group (WCG). This american financial group acquired 20% of the project to build a luxury resort in the area of Puntarenas in Costa Rica, aspiring to be one of the most important in the area.

This agreement amends an earlier one (that I discussed in a previous post), in which WCG was limited to finance the project with a loan of € 330 million.

The agreement, which was being reported as of mid October 2010 to the CNMV (the Spanish Securities Exchange Commission), included Nyesa Costa Rica’s transformation into an SA (corporation), thus changing its capital to USD.

The contract obliged the American group to pay the amount in three phases before the end of 2010.

The megaresort will be located in the Oso Pensinsula, in the province of Puntarenas, with a humid tropical climate, very warm all year round, with a temperature between 22 and 35 º C. That particular area is surrounded by natural parks: Corcovado Park and the Monteverde Cloud, Marina Ballena, which provide shelter to rare species. It is therefore a popular eco-tourism spot due to its exotic flora and fauna. Its diverse landscape, tropical forests, and a sunny coast with great waves suitable for surfing, make it one of the most frequented areas of the country, despite of their great communication infrastructure.

This stretch of the Pacific is a U.S. tourist destination, since it is quite comfortable for them to take a week off there. But nowadays, they are buying more attracted by the good weather, safety and economic standard of living. As a consequence, many areas are developing major shopping centers and private residential compounds.