The first Ritz-Carlton Reserve in Costa Rica has secured $130 million in financing that will fund ongoing construction for the property, with completion and opening expected in late 2024.
Located on Peninsula Papagayo, Nekajui, a Ritz-Carlton Reserve is a 1,400-acre private club and resort located on the North Pacific coast of the Central American nation.
Details of the transaction
Funding for the construction of Nekajui was provided by a group led by Banco BCT and Monroe Capital, which provided a $130 million loan on a joint basis. Gencom and Mohari Hospitality, which are developing Nekajui through a joint venture partnership, broke ground on the project in May of 2022, and since then the site has been preparing for vertical construction, which begins this month.
Lotus Capital Partners acted as financial advisor to Gencom and Mohari on this transaction.
The ultra-luxurious boutique resort and branded residences, whose name derives from the indigenous word for ‘garden’, will consist of 107 rooms and suites, as well as 36 branded townhouses and villas.
Nekajui layouts range from two to five bedrooms, 2,200 to 6,300 square feet, and most residences feature large outdoor living areas with private pools and terraces. All residences will be delivered ready-made and fully furnished.
Designed by SB Architects and Gensler, the guest rooms and residences at Nekajui will feature ocean views showcasing the Papagayo Peninsula and the coastline of Costa Rica’s northern Pacific coast. Nekajui is located on a quiet stretch of sheltered beach and will feature lush gardens and an infinity-edge pool overlooking the Pacific Ocean. Amenities will include a private beach club and spa on-site, three dining concepts at The Ritz-Carlton Reserve, a suspension bridge, and Environmental Ambassadors – a collaboration with Jean-Michel Cousteau’s Ocean Futures Association.
Furthermore, Peninsula Papagayo will open a new wilderness outpost within the exclusive 250-acre Palmares Reserve. This will offer aerial adventure, off-roading, mountain biking, wilderness hiking, birdwatching, and multi-adventure tours.
The Ritz-Carlton brand is part of Marriott International. The group has more developments coming up in Costa Rica including the Marriott Papagayo Hotel in Liberia City, a 340-room hotel complex projected on 17.4 hectares, set to open in the first quarter of 2024; and Residence by Marriott Playa Flamingo, which brought 124 keys to Santa Cruz in the fourth quarter of 2023.