First Costa Rican Ritz-Carlton Reserve attracts $130 million financing

by | 18 Nov 2022 | Hotel Projects, Projects

Costa Rica’s first Ritz-Carlton Reserve has secured $130 million in financing that will fund the property’s ongoing construction, with completion and opening expected in late 2024.

Nekajui, a Ritz-Carlton Reserve is situated on Peninsula Papagayo, a 1,400-acre private club and resort community located on the Central American nation’s north Pacific coast.

Transaction details

Financing for the construction of Nekajui has been provided by a group led by Banco BCT and Monroe Capital, which has loaned $130 million on a combined basis. Gencom and Mohari Hospitality, which are developing Nekajui through a joint venture partnership, broke ground on the project in May of 2022 and have since been preparing the site for vertical construction, which begins this month.

Lotus Capital Partners acted as financing advisor to Gencom and Mohari on this transaction.

Accommodation outline

The ultra-luxury boutique resort and branded residences, whose name derives from the indigenous word for ‘garden’, will comprise 107 guestrooms and suites, as well as 36 branded estate homes and villas.

Nekajui floorplans range from two-to-five bedrooms, and from 2,200 to 6,300 sq ft. Most residences feature large outdoor living areas with private pools and terraces. All residences will be delivered turnkey, fully furnished.

Environmental inspiration

Designed by SB Architects and Gensler, Nekajui’s guestrooms and residences will feature ocean views showcasing Peninsula Papagayo and Costa Rica’s north pacific coastline. Nekajui is situated on a quiet stretch of protected beach and will feature lush gardens and an infinity pool overlooking the Pacific Ocean. Amenities will include a private beach club and on-site spa, three Ritz-Carlton Reserve dining concepts, a suspension bridge, and Ambassadors Of The Environment — a collaboration with Jean-Michel Cousteau’s Ocean Futures Society.

Furthermore, Peninsula Papagayo will open a new wilderness outpost inside its exclusive 250-acre Palmares Preserve. This will offer aerial adventure, offroading, mountain biking, wilderness hikes, birdwatching, and multi-adventure tours.

The Ritz Carlton brand is part of Marriott International. The group has further upcoming developments in Costa Rica including Marriott Papagayo in the city of Liberia, a hotel complex with 340 rooms projected in a space of 17.4 ha, due to open in Q1 2024; and Hotel Residence by Marriott Playa Flamingo, bringing 124 keys to Santa Cruz in Q4 2023.

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