Gencom-Led Ownership Acquires Andaz Costa Rica Resort at Peninsula Papagayo
Second Resort Purchase within 1,400-Acre Peninsula Papagayo Underscores U.S. Investment Firm’s Vision Toward Major Transformation of Latin America’s Premier Resort and Residential Destination
MIAMI--(BUSINESS WIRE)--Gencom, a leading Miami-based international luxury hospitality and residential real estate investment and development firm, today announces the acquisition of Andaz Costa Rica Resort at Peninsula Papagayo by a Gencom affiliate, Papagayo Partners Ltd., in conjunction with local real estate developer Sinergo Development Group S.A. Following the August 2016 purchase of the 1,400-acre Peninsula Papagayo and Four Seasons Resort Costa Rica, this marks the second resort investment for the new ownership guided by Gencom on Peninsula Papagayo, a premier resort and residential destination in the Guanacaste province of northwest Costa Rica. The acquisition of Andaz Costa Rica Resort at Peninsula Papagayo also signals the ownership group’s steadfast, continued commitment toward a major transformation and preservation of Peninsula Papagayo. Key developments include new capital improvements to Andaz Costa Rica Resort at Peninsula Papagayo plus a major renovation of Four Seasons Resort Costa Rica as announced in July 2017 along with new peninsula-wide amenities, enhancements and first-ever experiences designed to connect and celebrate the peninsula as a unified destination a world apart.
“We very much look forward to working with Andaz Costa Rica Resort at Peninsula Papagayo to create elevated new resort experiences that will enhance the Peninsula Papagayo lifestyle for discerning travelers the world over.”
The Andaz Costa Rica Resort at Peninsula Papagayo is a 153-key resort inspired by Costa Rica’s lush flora and fauna that commands 28 oceanfront acres overlooking the Bay of Culebra on Peninsula Papagayo. The stylish, tropical resort offers a local, indigenous approach to the highly-personalized service and global yet local perspective that guide the Andaz guest experience. The resort’s meandering collection of open-air spaces from acclaimed Costa Rican architect Ronald Zurcher feature evocative design rooted in organic shapes and rich, natural materials that stimulate the senses at every turn. The resort offers 153 stylish guest rooms and suites with stunning ocean and jungle views; three Latin American-influenced restaurants with open-kitchen concepts; two secluded beaches; separate adult and family pools; a spa with six indoor and three outdoor treatment rooms; 8,200 square feet of flexible event and meeting space including an ocean-view gazebo; a 24-hour fitness center; and the Cambi Kids Club.
“Acquiring Andaz Costa Rica Resort at Peninsula Papagayo as our second property on Peninsula Papagayo is a testament to our thoughtful, long-term vision for completely integrating this 1,400-acre protected paradise and bringing a seamless destination experience to full and vibrant life,” said Karim Alibhai, founder and principal of Miami-based Gencom. “We very much look forward to working with Andaz Costa Rica Resort at Peninsula Papagayo to create elevated new resort experiences that will enhance the Peninsula Papagayo lifestyle for discerning travelers the world over.”
The peninsula-wide transformation currently underway at Peninsula Papagayo will be supported by a series of capital improvements at Andaz Costa Rica Resort at Peninsula Papagayo beginning in Fall 2017. A brand new Andaz Beach House will open in late 2017 on Peninsula Papagayo’s expansive Nacascolo Beach, offering an authentic and upscale Costa Rican beach experience for guests. The beach house’s protected beach and naturally shaded spaces will be complemented by a locally-inspired food and drink menu as well as stand-up paddle boards, kayaks, beach bikes and jet-skis for ocean fun. Access to the Andaz Beach House will be via shuttle or by water taxi from the resort. Additional enhancements will encompass the resort’s three dining venues, poolside bar service, fitness center, guest mobility offerings and meeting spaces.
“Given the striking lifestyle and design philosophy that guides the Andaz brand, our team is beyond excited to collaborate on the evolution of Andaz Costa Rica Resort at Peninsula Papagayo as a stylish, sensory-based centerpiece of our new integrated peninsula experience that is actively taking shape,” said Manuel Ardon, chief operating officer of Peninsula Papagayo.
The Gencom-led acquisition of Andaz Costa Rica Resort at Peninsula Papagayo supplements the more than USD 100 million investment toward a long-term plan to connect and celebrate the sprawling Peninsula Papagayo from end to end for the first time, bringing an unprecedented new level of meaningful eco-luxury and transformative experiences to Latin America. The transformation of Peninsula Papagayo will invite travelers to experience the natural wonders of this 1,400-acre biodiverse peninsula in Costa Rica through a combination of new builds; major enhancements including the multi-million renovation of Four Seasons Resort Costa Rica; first-ever Peninsula Papagayo amenities; transformative only-here explorations; and an ongoing focus on sustainability and wellness including a peninsula-wide network of more than eight miles of nature trails that will connect guests with nature while preserving one of the most extraordinary biological corridors on the planet. The December 2017 debut of a re-imagined Four Seasons Resort Costa Rica will signal the launch of the transformation’s first phase.
Peninsula Papagayo is located 30 minutes from Liberia International Airport, which offers more than 100 weekly flights seasonally from major cities in the U.S., Canada, U.K. and across Central America. It is home to 11 miles of dramatic coastline, eight miles of majestic bluff edges, seven sandy beaches and one of the few tropical dry forests on the planet.
Founded in 1987 by Karim Alibhai, Gencom is a U.S.-based investment firm that owns and operates prized real estate around the world, with an emphasis on luxury hotels, resorts and residential properties. Iconic properties include Four Seasons Resort Costa Rica at Peninsula Papagayo, The Ritz-Carlton Key Biscayne, Miami in Fla., The Ritz-Carlton, Bachelor Gulch in Colorado and Rosewood Tucker’s Point in Bermuda. Headquartered in Miami, Gencom is fully integrated, with expertise in virtually every aspect of development, acquisition, financing, asset management and the sale of hospitality properties. Gencom has had success developing, purchasing and exiting single assets and hotel portfolios, as well as in creating, purchasing and growing hospitality platform investments throughout the United States, Caribbean and Europe. For more information about Gencom, please visit http://www.gencomgrp.com.
Sinergo Development Group is a development and asset management firm specialized in the hospitality and real estate sectors in Costa Rica and the Caribbean. With headquarters in San Jose, Costa Rica, the company is noted for its development of the Four Seasons Papagayo among other award-winning projects.