U.S.-based hospitality and residential real estate investment and development firm Gencom has acquired the Peninsula Papagayo Resort in Costa Rica's Guanacaste province. The sale included the 182-room Four Seasons Papagayo—the only Forbes Travel Guide Five-Star Resort in Central and South America—as part of the 1,400-acre property. The purchase price was undisclosed.
The ownership is partnering with Costa Rican developer Sinergo Development Group to carry out the renovation of the existing assets, including the hotel, and also to assist in the development of future phases. The design team also includes local architecture firm Zurcher Arquitectos and New York-based luxury interior design firm Meyer Davis. Plans for future development include branded and unbranded luxury residential real estate along with other "complementary hotel brands."
“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, said in a statement, adding that the acquisition is part of the company's "continued strategic response to an increased demand from elite international travelers.”
The seller was represented by REH Capital Partners and the Algon Group in a strategic alliance as co-advisors.