(QBUSINESS) In a transaction whose amount was not disclosed, Gencom, a leading U.S.-based international luxury hospitality and residential real estate investment and development firm, acquired the majority of the share capital of the hotel complex Peninsula Papagayo Resort in Guanacaste.Gencom,
According to a statement released by BusinessWire, the acquisition includes the Four Seasons Papagayo, an 18 hole Arnold Palmer-designed golf course and clubhouse, the 180-slip Marina Papagayo, and the 38,000 square foot Prieta Beach Club.
The Four Seasons Papagayo hotel is ranked as the only Forbes Travel Guide Five-Star Resort in Central and South America.
Manuel Ardon, COO of the local firm Ecodesarrollo Papagayo S.A., told the Elfinancierocr.com that “… although the purchase includes the aforementioned hotel, the Four Seasons chain still retains a share in the project and will continue as its operator. The addition of this new investor is an extraordinary opportunity to enhance the development of this important project and will undoubtedly have new positive impacts for Guanacaste, the people of Guanacaste and the country.”
The Businesswire reports that the ownership is partnering with Costa Rican developer Sinergo Development Group to carry out the renovation and reinvigoration of the existing assets, including the Four Seasons Papagayo.
“We are excited by the immediate and long-term benefits that this acquisition and further investments within the peninsula will bring to Costa Rica and the Guanacaste province, including job creation, increased tourism, and heightened global visibility for Peninsula Papagayo as a national jewel,” said Karim Alibhai, principal of Gencom. “This acquisition is part of our continued strategic response to an increased demand from elite international travelers for luxury, experience-driven vacations in prime destinations.”
Founded in 1987 by Karim Alibhai, Gencom is an investment and development firm specializing in the hospitality and luxury hospitality related residential real estate sectors. Headquartered in Miami, USA, Gecom owns hotel properties in the United States, Europe and the Caribbean.
Guanacaste is internationally noted as Costa Rica’s premier tourism destination, located in the country’s northwestern region along the Pacific Ocean, bordering Nicaragua to the north.