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Gencom acquires Peninsula Papagayo

A Gencom affiliate acquired the Peninsula Papagayo in Costa Rica from seller Wing of Papagayo. Although the exact purchase price was not disclosed, the initial deal that closed last Friday was north of US$250 million, with a total investment into the peninsula totaling more than US$750 million over the course of the next few years.

The peninsula is anchored by the 182-key Four Seasons Papagayo and also includes an 18-hole golf course and clubhouse, the 180-slip Marina Papagayo and the Prieta Beach Club. The ownership will partner with Sinergo Development Group to carry out the renovation of the existing assets, including the Four Seasons, and also to assist in the development of future phases.

Four Seasons Papagayo's gold club house
Four Seasons Papagayo’s gold club house

“The plan for the peninsula when it was originally developed was to have multiple resorts and hotels,” says Karim Alibhai, principal of Gencom. “It is our plan to add several more resorts including a wellness-oriented resort project and also continue with the residential build out in conjunction with the resort development and further expand the marina.”

Alibhai views Papagayo as a “long-term project” and expects the return on investment to be comparable to similar resort developments, adding that that the project is a “continued strategic response to increased demand from elite international travelers for luxury, experience-driven vacations in prime destinations.”

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